“The UAE played a key role in the political stability of this region and the UAE will play … a key role in the stability of the market,” the UAE oil minister Suhail al-Mazrouei was quoted by Oil and Gas Investor as saying.

“You have a reputation as a government to maintain your supply arrangements with your legacy customers and keep your commitments,” he explained, adding “That is what makes them come to us, is that they know we will spend in good days and difficult days.”

“The UAE is continuing investments when many of the companies are cancelling, that means that those who invest in difficult times are going to be ready to introduce production to the market when there is a need to stabilise it,” he said.

“That is the role of bigger players like UAE and Saudi and others,” he added, insisting also that 2016 would see an upward correction in prices. “But for that to happen we need everyone to do their part,” he explained.

According to Trade Arabia Suhail al-Mazrouei made these remarks at the closing session of an oil and gas conference in Abu Dhabi.