October 11, 2015 / 4:53 PM / 2 years ago

OPEC secretary-general says confident of more balanced oil market in 2016

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OPEC Secretary-General Abdullah al-Badri addresses a news conference after a meeting of OPEC oil ministers at OPEC's headquarters in Vienna November 27, 2014.Heinz-Peter Bader

KUWAIT (Reuters) - The secretary-general of the Organization of the Petroleum Exporting Countries said on Sunday that he was confident of seeing a more balanced oil market in 2016.

"We need to keep investing, it is essential for our industry...I remain confident that our industry's best days are yet to come," Abdullah al-Badri told an oil industry conference in Kuwait.

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.

Reporting by Rania El Gamal; Writing by Andrew Torchia

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