Saudis See No Need to Extend OPEC Deal Beyond Six Months
- Oil market re-balancing to take place by mid-year: Al-Falih
- OPEC wants well-supplied markets when demand rises in summer
OPEC's Barkindo: Hope to See Balance Return in 2017
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OPEC probably won’t need to extend a deal it reached with other crude producers to cut output, given compliance with the reductions and the outlook for an increase in global demand, Saudi Energy Minister Khalid Al-Falih said.
The re-balancing of the oil market should take place by the end of the first half of the year, Al-Falih told reporters during an energy event in the United Arab Emirates capital of Abu Dhabi. Demand will pick up in the summer, and OPEC wants to make sure markets are well-supplied, he said.