Oil to bounce back next year, predicts UAE energy minister | The National

Oil to bounce back next year, predicts UAE energy minister | The National:

"Project delays and slowing shale production will lead to a rebound in oil prices next year, according to the UAE’s energy minister Suhail Al Mazrouei.

The minister yesterday said that economic growth in some countries would lead to higher demand. “Project delays and increased demand give us the impression that the market will have a correction in 2016,” he said. The price of Brent crude, the global benchmark, has fallen 50 per cent since its summer high last year of more than US$100 per barrel.

The nine largest international oil companies have cut spending by nearly 30 per cent in the period from January to September compared to a year earlier, according to London-based Energy Aspects, an energy market research company."



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