29.12.2015 - Crude Oil Market to Balance Some Time in 2016, Says Saudi Aramco Chairman
Crude oil markets are likely to balance some time next year as supplies from North America, including U.S. shale, continue to decline significantly, the chairman of Saudi Arabia’s giant oil company said Monday. “Supply has plateaued in North America and [is] declining by significant amounts. We expect that to continue and perhaps accelerate in 2016,” Khalid al-Falih, chairman of Saudi Arabian Oil Co., known as Saudi Aramco, said in a news conference in Riyadh. “We see the market balancing some time in 2016. We see demand ultimately exceeding supply...Prices in due course will respond,” he said...............................................Full Article: Source
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