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Tue 1 Nov 2016 08:33 PM

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Saudi Aramco expects oil price rebound in H1 2017

CEO of state-owned oil giant says demand to remain healthy following two years of painfully low prices

Saudi Aramco expects oil price rebound in H1 2017

Saudi Aramco expects oil prices to rebound in the first half of 2017 and for demand to remain healthy following two years of painfully low prices, the state-owned producer's CEO Amin Nasser said on Tuesday.

"The gap between supply and demand is closing ... Our anticipation now is that it will be balanced by the first half of 2017," Nasser told reporters. "That will see an adjustment upwards in terms of prices."

Nasser also said that preparations for an initial public offering (IPO) for a more than $2 trillion stake in the company were "going very well".

"We are in the process of preparing all segments of the company in terms of issuing our quarterly results starting hopefully next year," Nasser added.

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