December 22, 2016 / 10:50 AM / a year ago

OAPEC official: oil supply, demand should rebalance by first-half of 2017

CAIRO (Reuters) - Supply and demand in global oil markets should rebalance during the first or second quarter of next year, the head of the Organization of Arab Petroleum Exporting Countries’ (OAPEC) Executive Bureau said on Thursday.

“There will be a rebalancing of supply and demand in the first or second quarter of 2017,” Talal Nasser Al Athbi told Reuters on the sidelines of an OAPEC meeting in Cairo.

OAPEC, unlike the similarly named Organization of the Petroleum Exporting Countries (OPEC), does not set oil production policy for its member countries.

It was established in 1968 and has 11 members: Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria, Tunisia and the United Arab Emirates. Membership is open to Arab countries whose oil revenues make up a large percentage of gross domestic product.

Reporting by Amina Ismail and Arwa Gaballa; Writing by Ahmed Aboulenein; Editing by Dale Hudson

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