OPEC signals wait and see approach that could last a year

(AGI) Doha, Dec 17 - Core Gulf OPEC oil producers signalledthat they are prepared to wait as long as six months to a yearto see the market stabilise, adopting a wait and see strategy."The market takes time, it's like a big gigantic ship," SuhailBin Mohammed al-Mazroui, oil minister of the United ArabEmirates, said on Monday. "If the market takes three months,six months, a year to balance and then that would help all ofus because we will all have a more mature stabilised market.Then (so) be it," he added. Qatar also echoed this sentiment."We need to watch the market closely, but it will settleeventually," said Qatar's oil minister, Mohammed al-Sada. Oilprices meanwhile continued to fall on Wednesday, with Brentdropping back to below 60 dollars a barrel. Light crude futuresfell 42 cents to 55.51 dollars, while Brent lost 23 cents to59.78 dollars on Asian markets. Prices were depressed by excesssupplies. . .