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26 Jan 2016
OPEC officials see oil market begin to start rebalancing - Reuters
FXStreet (Mumbai) - On late Monday, at a conference in London, OPEC officials argued that lower oil price is not sustainable, while they see rebalancing of oil markets to begin this year on the back of global oil fundamentals.
Qatar's Energy Minister Mohammed al-Sada noted, "We expect that we will go through one more downturn cycle of oil price. But we will recover. The market is definitely going to balance itself because today's oil price is not sustainable whatsoever."
Speaking at the same conference, OPEC Secretary-General Abdullah al-Badri said, "We already see some signs that supply and demand fundamentals will start to correct themselves in 2016. It is vital the market addresses the issue of the stock overhang. This is now central to the return of a balanced market."
Qatar's Energy Minister Mohammed al-Sada noted, "We expect that we will go through one more downturn cycle of oil price. But we will recover. The market is definitely going to balance itself because today's oil price is not sustainable whatsoever."
Speaking at the same conference, OPEC Secretary-General Abdullah al-Badri said, "We already see some signs that supply and demand fundamentals will start to correct themselves in 2016. It is vital the market addresses the issue of the stock overhang. This is now central to the return of a balanced market."