The Organisation of the Petroleum Exporting Countries (OPEC) Secretary-General said on Sunday thoil markets would return to balance in the second half of 2015, Reuters reports.Â
Speaking at a conference in Bahrain, Abdulla El-Badri said OPEC and non-OPEC producers should work together to stabilise oil markets, suggesting oversupply could amount to 2mn barrels per day (bpd).
“Tremendous opportunity” in oil remained, despite recent market volatility and uncertainties, he said, adding that the industry’s long term outlook remained healthy.
Oil prices have decreased sharply since June last year amid slackened demand and global oversupply, due to, at least in part, high volumes of US shale production.
However, Badri said he expected energy demand to increase by 60% by 2040 with oil remaining “a central energy source”.
Since 2008, supplies from non-OPEC producers had risen by almost 6mn bpd, while in contrast OPEC production had been fairly steady at about 30mn bpd, he added.Â
