UAE Energy minister 'not convinced' on Opec emergency meeting

Abu Dhabi: The UAE Energy Minister said that he was not convinced on the need to have an emergency meeting of Organisation of Petroleum Exporting (Opec) in the wake of record drop in oil prices.

"There is a mechanism to call for Opec meeting. Anyone can ask the Secretary General putting the reasons to have the meeting. What are we going to agree we need to be convinced. I am not convinced that Opec solely, unilaterally can change the strategy just because we have seen the low in the market," said Suhail Al Mazroui speaking at an Energy Forum in Abu Dhabi.

He said that there is going to be a correction before the end of 2016 in oil prices.

"We are going to see correction. The market fundamental tells us. The increase in demand at the end of 2015 was higher. The market will solve it. That is the only fair assessment of the current situation."

Earlier in the day, Opec President Emmanuel Ibe Kachikwu said Tuesday that he expects an extraordinary meeting in early March to address the problem.