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Wed 3 Jun 2015 01:55 PM

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UAE oil minister says market correction not over yet

Minister Suhail bin Mohammed al-Mazroui says glut in market has decreased significantly

UAE oil minister says market correction not over yet
UAE Oil Minister Suhail bin Mohammed al-Mazroui. (Getty Images)

UAE Oil Minister Suhail bin Mohammed al-Mazroui, speaking at the OPEC International Seminar in Vienna on Wednesday.

"We are optimistic about this meeting (OPEC) and we have seen a very good move on the correction ... the most important thing is that the world economy is growing as we predicted. We are comfortable with the move so far from the last meeting till today."

"Demand is increasing, the correction is there ... it is not over yet, this correction, it is going to take time."

"We need to wait till the end of the year to see what's happening to the supply-and-demand balance. But definitely the glut in the market has decreased significantly. And we are optimistic."

Oil ministers from the Organization of the Petroleum Exporting Countries (OPEC) meet on Friday in Vienna.

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