The Head, Organisation of Arab Petroleum Exporting Countries (OAPEC) Executive Bureau, on Thursday, said oil supply and demand would re-balance by second quarter of 2017.
Talal Nasser Al Athbi said this on the sidelines of an OAPEC meeting in Cairo, explaining that the fluctuations in supply and demand in global oil markets “should end by second quarter.
“There will be a re-balancing of supply and demand in the first or second quarter of 2017,” Al Athbi added.
OAPEC, unlike the Organisation of the Petroleum Exporting Countries (OPEC), does not set oil production policy for its member countries.
It was established in 1968 and has 11 members namely: Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria, Tunisia and the United Arab Emirates.
Membership is open to Arab countries whose oil revenues make up large percentage of gross domestic product.
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