12 January 2017, London — Saudi Arabian Energy Minister Khalid al-Falih said on Thursday that he expected tightness in the global oil market in two or three years.
Speaking at a conference in Abu Dhabi, Falih predicted global demand for oil would grow by well over 1 million barrels per day in 2017.
The oil market has been moving toward a balance of supply and demand and December’s agreement by OPEC and non-OPEC producers to cut output will accelerate that process, he said. The deal is for six months and producers will consider later whether to renew it, he added.
*Rania El Gamal; Andrew Torchia – Reuters