The end of an oil export ban in the US will not affect market fundamentals, the United Arab Emirates' energy minister said on Tuesday.

"As for the decision in the US, every country has the right to take their own decisions. We don't see this will change the supply and demand balance," Suhail bin Mohammed al-Mazroui told reporters following the US Congress' Friday vote to repeal the 40-year-old ban on exporting US crude oil.

Al-Mazroui added he hoped the oil market would balance during 2016 but the market would have to wait and see at what point of the year this would happen. – Reuters