October 11, 2015 / 4:53 PM / 3 years ago

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

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. REUTERS/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

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below