Pace of oil market rebalancing will be accelerated by OPEC/non-OPEC deal - Saudi energy min

Saudi's Falih on the wires

  • In 2-3 years time there will be tightness in the oil market

  • Expects demand well above 1mbpd in 2017

  • Expects prices to respond to supply/demand balance in 2017

  • Is confident prices will respond to output cuts

  • Will consider renewing output cuts

It will probably be around April before the market really starts asking what will happen come the end of the agreement. Brent has popped up a touch on that headline.

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