The Organization of Petroleum Exporting Countries (OPEC) Secretary-General Abdalla El-Badri said on Monday that the oil market will start to balance this year. The OPEC expects the oil demand to rise to about 1.3 million barrels a day this year, while output of non-OPEC members is expected to drop by about 660,000 a day.
El-Badri noted that OPEC and non-OPEC oil producers should cooperate in balancing the oil market.