"In 2016, there will be a correction in oil prices," Al Mazrouei said while speaking at the Adipec conference in Abu Dhabi.
The minister claimed that the emirate would not be cancelling any of its major development projects despite the oil price woes.
"We are not cancelling our projects and we would continue to be a reliable supplier," he added.
Al Mazrouei said that global crude oil prices have dropped by more than 50%, but that has not changed the vision of the market in UAE.
