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OPEC Chief Sees Oil Market Balanced in 2016 on Demand Growth

  • Most growth in oil demand to come from Asia, OPEC's Badri says
  • U.S. is now the new swing producer for oil, Yergin says
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Global demand for crude will bring more balance to the oil market as soon as next year even with Iran preparing to increase output, according to OPEC Secretary General Abdalla El-Badri and Pulitzer Prize-winning author and energy consultant Daniel Yergin.

Demand will rise by about 17 million barrels a day to almost 110 million barrels a day by 2040, with 70 percent of the growth to come from Asia, the head of the Organization of Petroleum Exporting Countries said at an industry event in Doha. The oil market will rebalance in 2016 or 2017, as demand grows between 1.2 million barrels a day and 1.5 million barrels a day through 2020, Yergin, vice chairman of consultants IHS, said in a speech in Abu Dhabi.