20:00 GMT14 April 2021
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    United Arab Emirates Minister of Energy Suhail Mazrouei stated that oil prices may rise in 2015 if overproduction is minimized.

    MOSCOW, January 7 (Sputnik) Oil prices may rise in 2015 if overproduction is minimized, the United Arab Emirates (UAE) Minister of Energy Suhail Mazrouei, has told The National newspaper.

    "Depending on the actual production growth from non-OPEC countries, this problem could take months or years [to be resolved]. If they act rationally, we can see positive corrections during 2015," Mazrouei said in an interview on Tuesday.

    Low oil prices are likely to encourage higher global economic growth, driving a demand for oil upward, according to the Minister.

    According to Mazrouei, the UAE will continue to expand oil production regardless of falling oil prices. The country plans to increase capacity to 3.5 million barrels a day by 2017. The UAE currently produces approximately 3 million barrels a day.

    OPEC's November 2014 meeting, held amid declining oil prices, resulted in a decision to keep the member nations' oil output levels unchanged. The move has led to a further decline in global oil prices. On Wednesday, the price for Brent crude fell below $50 a barrel, the lowest point since 2009 and a 50 percent drop from summer 2014 levels.

    Plummeting oil prices have negatively affected many oil-dependent economies, including Venezuela, Iran and Russia.

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    Tags:
    oil prices, oil production, United Arab Emirates
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