"I am personally convinced that before the end of 2016 we're going to see a correction. The market fundamentals tell us this" Mazrouei told an energy forum in Abu Dhabi.

US crude tumbled below US$31 a barrel on Tuesday extending a sell-off that has pushed it to more than 12-year lows amid a global supply glut a strong dollar and tepid demand.

TheUAE sits on 5.9 per cent of the world'soilreserves and 3.1 per cent of its natural gas.

The oil price slump has seen it and other Gulf states embark on belt-tightening measures to cut spending and boost non-crude revenues.

TheUAEtook the lead by liberalising fuel prices in June and raised electricity charges in Abu Dhabi.