Dubai: The oil market is “heading towards rebalance” and “prices are likely to strengthen with time,” the head of Saudi Arabia’s state-oil company Saudi Aramco said on Monday.
But while the oil market has recovered from its 12-year low of $27 a barrel in January, “it’s still weak,” Saudi Aramco chief executive Amin Nasser said at an oil industry conference in Dubai. “Market volatility could remain with us for the near future.”
The comments from Saudi Arabia’s top energy executive comes as the Organisation of Petroleum Exporting Countries (Opec) meet in Algiers over the low oil prices.
The 14 member group, responsible for a third of the world’s oil reserves, is expected to discuss limiting production in a bid to prop up the market. The group will also meet with non-member Russia.
Oil prices have more than halved since a mid-2014 high of $115 a barrel to trade at an average of around $43 so far this year.
