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Mon 12 Oct 2015 12:34 PM

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The oil market will be more balanced next year, says OPEC official

OPEC secretary general Abdullah El Badri said that OPEC was confident that the oil market would be 'more balanced' next year as non-OPEC production had contracted and global demand was increasing at a conference during the Kuwait Oil and Gas show (KOGS 2015) in Kuwait City on October 11, 2015.

The oil market will be more balanced next year, says OPEC official
Sheikh Jaber al-Mubarak al-Sabah (R) and Kuwaiti foreign minister Sheikh Sabah al-Khaled al-Sabah attend a conference during the Kuwait Oil and Gas show (KOGS 2015) in Kuwait City on October 11, 2015. OPEC secretary general Abdullah el-Badri said that OPEC is confident that the oil market will be 'more balanced' next year as non-OPEC production has contracted and global demand is increasing. (AFP/Getty Images)
The oil market will be more balanced next year, says OPEC official
OPEC secretary general Abdullah el-Badri delivers (L) speaks with British Petroleum Group's Chief Executive, Bob Dudley during a conference as part of the Kuwait Oil and Gas show (KOGS 2015) in Kuwait City on October 11, 2015. OPEC is confident that the oil market will be 'more balanced' next year as non-OPEC production has contracted and global demand is increasing, OPEC secretary general Abdullah el-Badri said. (AFP/Getty Images)
The oil market will be more balanced next year, says OPEC official
Deputy chairman and CEO at Kuwait petroleum corporation, Nizar al-Adasani, delivers a speech during a conference as part of the Kuwait Oil and Gas show (KOGS 2015) in Kuwait City on October 11, 2015. OPEC secretary general Abdullah el-Badri said that OPEC is confident that the oil market will be 'more balanced' next year as non-OPEC production has contracted and global demand is increasing. (AFP/Getty Images)
The oil market will be more balanced next year, says OPEC official
Kuwaiti Oil Minister Ali al-Omairi delivers a speech during a conference as part of the Kuwait Oil and Gas show (KOGS 2015) in Kuwait City on October 11, 2015. OPEC secretary general Abdullah el-Badri said that OPEC is confident that the oil market will be 'more balanced' next year as non-OPEC production has contracted and global demand is increasing. (AFP/Getty Images)
The oil market will be more balanced next year, says OPEC official
OPEC secretary general Abdullah el-Badri delivers a speech during a conference as part of the Kuwait Oil and Gas show (KOGS 2015) in Kuwait City on October 11, 2015. OPEC is confident that the oil market will be 'more balanced' next year as non-OPEC production has contracted and global demand is increasing, OPEC secretary general Abdullah el-Badri said. (AFP/Getty Images)
The oil market will be more balanced next year, says OPEC official
OPEC secretary general Abdullah el-Badri gestures during a conference during the Kuwait Oil and Gas show (KOGS 2015) in Kuwait City on October 11, 2015. OPEC is confident that the oil market will be 'more balanced' next year as non-OPEC production has contracted and global demand is increasing, OPEC secretary general Abdullah el-Badri said. (AFP/Getty Images)