UAE energy minister says oil markets to recover soon

Abu Dhabi: UAE energy minister Suhail Mohamed Al Mazrouei said Organisation of the Petroleum Countries (Opec)'s decision not to cut production was correct and the oil markets will recover soon.

He was speaking at the 10th Arab energy conference in Abu Dhabi on Sunday. He added that drop in oil prices will have a definite impact and will create pressure in the Arab region.

"Oil prices reduced due to massive oil production by non-Opec members," said the minister. "OPEC's decision, which aims to provide the market with time to rebalance, is correct, strategic and useful to the global economy."

The conference is organised by the Organisation of Arab Petroleum Exporting Countries.