(MENAFN) The UAE's Oil Ministry said that the oil market oversupply would last months or even years, but that the prices would stabilize faster if non-OPEC producers act in a rational way, in a call that echoes recent calls made by Gulf Arab OPEC members such as Saudi Arabia who also asked the non-OPEC producers to cut any planned increases in output, Gulf Business reported
"We are experiencing an obvious oversupply in the market that needs time to be absorbed. Depending on the actual production growth from non-OPEC countries, this problem could take months or years. If they act rationally, we can see positive corrections during 2015," The UAE Oil Minister was quoted as saying.
The Ministry also said the UAE would not panic over low prices and the market would eventually stabilize itself, adding that low prices would not delay the country's plans to boost its output capacity to 3.5 million barrels per day (bpd) by 2017.
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