Wintershall says oil market may balance in late 2016

ST. PETERSBURG, Jun 17 (PRIME) -- An average oil price will amount to U.S. $40 per barrel in 2016, and the oil market may balance already at the end of this year or at the beginning of next year, Wintershall CEO Mario Mehren told PRIME on Friday.

“I think that oil prices will increase in the future. We already see that oversupply of oil, which we saw over the last couple of months, is decreasing due to strong demand. Moreover, we see events on the side of suppliers – a reduction of the number of drilling rigs in the U.S., events in Libya and Nigeria,” he said.

“We think the market balance will be reached possibly already in late 2016 or early 2017.”

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