VIENNA: The correction in oil prices is not over as yet, said UAE Oil Minister Suhail Bin Mohammad 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,” Al Mazroui said.
“Demand is increasing, the correction is there ... it is not over yet, this correction, it is going to take time.”
Oil ministers from the Organization of the Petroleum Exporting Countries (Opec) meet on Friday in Vienna.
Meanwhile, oil prices fell as investors adjusted positions ahead of the meeting amid a stronger dollar.
Brent crude oil for July dropped $1.75 a barrel to a low of $63.74 before recovering to around $64.40. US crude was $1.04 lower at $60.22 a barrel.
Until last year, most members of the Opec had gravitated toward a price of around $100 a barrel, but the rapid rise of US shale and other higher-cost oil patches has increased competition, forcing them to rethink what price markets can sustain.