UAE energy minister expects 1H2016 to be tough for oil
The UAE energy minister Suhail bin Mohammed al-Mazroui said that the first six months of 2016 will be tough for the oil market before a gradual recovery later in the year. The recovery will be aided by an expected significant drop in non-OPEC production. He further said that OPEC’s current strategy was working, and time was needed to allow the recovery to happen -- perhaps between one and one-and-a-half years. (Reuters)
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