OPEC Chief Sees Oil Market Balanced by 2016 on Demand

Demand will rise by about 17 million barrels a day to almost 110 million barrels a day by 2040, with 70 percent of the growth to come from Asia, the head of the Organization of Petroleum Exporting Countries said at an industry event in Doha. The oil market will rebalance in 2016 or 2017, as demand grows between 1.2 million barrels a day and 1.5 million barrels a day through 2020, Yergin, vice chairman of consultants IHS, said in a speech in Abu Dhabi.

“The expectation is that the market will return to more balance in 2016,” El-Badri said Monday. “We see global oil demand maintaining its recent healthy growth. We see less non- OPEC supply.”