Report: Shell exec says sees oil market rebalancing till Jul ‘17

MOSCOW, Aug 30 (PRIME) -- The global oil market balance recovery can last until July 2017, Wim Thomas, aide for energy issues of Royal Dutch Shell, told Reuters in an interview published Tuesday.

Thomas said that under an optimistic scenario, the market can rebalance either in 2016, or in early 2017. This scenario envisages the use of a lot of stored oil.

According to the official, a potential return to the market of about 1.5 million barrels of oil daily from Libya and Nigeria and the uncertainty surrounding output of Iran and Iraq are the factors which can influence the balancing process.

Demand of China and India, a possible agreement between OPEC states to freeze the output volume and a possible sudden U.S. shale oil production boom are also among the important factors, he said.

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