OPEC chief expects 2018 oil market balance

Achieftain of tf the Organisation of Petroleum Exporting Countries (OPEC), Suhail al-Mazrouei said, on Tuesday, that he expected the global oil market to be balanced this year, as producers continue to trim production following 2014 market crash.
“I am optimistic that this year, we will achieve a market balance” between supply and demand, Mazrouei, also the energy minister of the United Arab Emirates, told the Global Financial Markets Forum in Abu Dhabi.
Oil producers from OPEC and non-OPEC countries struck a historic deal in late 2016 to cut output by 1.8 million barrels per day, following a surplus in crude supply that sent prices crashing in 2014.

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