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 also told reporters on the sidelines of an oil industry conference in Kuwait that Opec was optimistic because oil demand was rising.

Opec is willing to deal with non-Opec oil producers if they are willing to work with Opec, Al-Badri added.

"We need to keep investing, it is essential for our industry...I remain confident that our industry's best days are yet to come," Al-Badri said.

He said non-Opec oil output had contracted recently, and that he did not believe the fundamentals of the market warranted a drop in oil prices.  – Reuters