OPEC members say they are willing to wait six months to a year to see if the market corrects itself
Suhail Bin Mohammed al-Mazroui, oil minister of the United Arab Emirates and a close ally of Saudi Arabia’s King Abdullah, said that OPEC has no plans to intervene in the oil market, reports Reuters.

“The market takes time, it’s like a big gigantic ship,” he said on Monday. “If the market takes three months, six months, a year to balance and then that would help all of us because we will all have a more mature stabilized market. Then (so) be ...

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