OPEC won't change its oil production strategy and any sudden rebound of prices is unlikely, United Arab Emirates oil minister Suhail bin Mohammed al-Mazroui said on Tuesday.

Mazroui was speaking at an energy conference in Abu Dhabi as Brent crude oil dropped into the $46 a barrel area, almost a six-year low, following a 5 per cent plunge on Monday.

"The strategy will not change..." he said. By not adjusting output, "We are telling market and other producers that they need to be rational and like OPEC, they need to look at growth in the international market for oil and need to cater that additional production to that growth."

He also said, "We have seen oversupply coming from shale oil and that needed to be corrected."

Mazroui said the oil price drop was not in any way affecting the UAE's investment to expand its oil production capacity, but that he did not expect any sudden rebound of oil prices.

"History tells us whenever we try to predict what will happen we will get it wrong. What I would say is that it is unlikely we will see a sudden rise - it will take some time...

"It will all depend on what we see in this quarter and the next quarter. The first half of 2015 will give us more data to predict what will happen."

Mazroui also said the oil market would "take time to stabilise. But will that time be two or three years? It depends how rational producers are."

In answer to a question, he said the government would encourage Abu Dhabi state fund Mubadala and state energy investor Abu Dhabi National Energy Co to look at acquisition targets and investment opportunities created by low oil prices.

"They will be looking at targets because this is an opportunity if you believe things will improve upwards, and we believe things will not stay for long at these oil prices.

"And so we will encourage these companies to look at targets, and we have seen in the past that these investments create best values for those who buy at that time."

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