17.06.2016 - Global Oil Market to Reach Supply-Demand Balance by End of 2016
The global oil market will reach the balance of supply and demand by the end of the year, BP Head Bob Dudley said. "We continue to think that before the end of 2016 on a daily basis supply and demand we think will balance. There is still a lot in storage around the world. But we do think that the fundamental point will likely happen before the end of the year," Dudley said. "I think we drifted down a little bit in the last month, and there is also the uncertainty of geopolitical issues. But i think we can see prices above $50 a barrel by the end of the year. We are working really hard to readjust our cost structures to be able to operate and balance our sources of funds at $50 dollars per barrel. I think by next year we will get there," he added...............................................Full Article: Source
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