The oil market is expected to become more balanced in 2016 as demand continues to grow, Opec Secretary-General Abdullah Al Badri said ahead of the producer group's policy meeting next month.
The secretary-general of the Organisation of the Petroleum Exporting Countries (Opec) said on Sunday that he expected the global oil market to be in a reasonable condition by the end of this year and next year.
Abdullah Al-Badri a
Opec sees the oil market improving because of higher demand for the group's crude and a drop in supply growth from non-members, its secretary general said, the latest sign that Opec believes its strategy of defending market share is working.
Opec expects oil prices to stabilise next year and to remain so over the long term, Secretary General Abdullah al-Badri was quoted as saying by RIA news agency on Thursday.
"Prices will stabilise in 2016, we expect stability
The Organisation of the Petroleum Exporting Countries Secretary-General said on Sunday that the group's exporters should not cut output to "subsidise" higher-cost shale, an energy source whose recent growth is blamed by Opec for we
The Organisation of the Petroleum Exporting Countries (Opec) Secretary-General said on Sunday Opec and non-OPEC producers should work together to stabilise oil markets, suggesting oversupply could amount to two million barrels per day (bpd).
Oil prices were little changed on Tuesday, with Brent holding above $48 following comments from a top Opec official that prices may have found a floor.
Opec secretary-general Abdullah Al-Badri said oil prices may have bottomed out
The head of Opec said the group had no target price for oil, signalling no change to a policy to maintain production levels which has contributed to sharp falls in the price of crude, unnerving global markets.