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Mon 7 Dec 2015 12:15 PM

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Saudi Aramco CEO says he sees oil prices adjusting in 2016

Amin Nasser says "no additional unconventional oil coming to the market"

Saudi Aramco CEO says he sees oil prices adjusting in 2016
Amin Nasser, CEO of Saudi Aramco.

Saudi Arabian Oil Co. (Saudi Aramco) chief executive officer Amin Nasser said on Monday he hoped to see prices adjust beginning in 2016 as non-conventional oil supplies start to decline.

"This year you see a decline, there is no additional unconventional oil coming to the market, actually there is a decline," Nasser told an energy conference in Qatar's capital Doha.

"The supply and demand imbalance in the market will adjust and stabilise and the gap will be closing, and we will be seeing, hopefully, an adjustment in the prices going forward starting from 2016," he said.

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