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Thursday, 12 January 2017

Saudi energy minister expects tight oil market in two to three years | Reuters

Saudi energy minister expects tight oil market in two to three years | Reuters:
"Saudi Arabian Energy Minister Khalid al-Falih said on Thursday that he expected tightness in the global oil market in two or three years.

Speaking at a conference in Abu Dhabi, Falih predicted global demand for oil would grow by well over 1 million barrels per day in 2017.

The oil market has been moving toward a balance of supply and demand and December's agreement by OPEC and non-OPEC producers to cut output will accelerate that process, he said. The deal is for six months and producers will consider later whether to renew it, he added."

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