Oil market ‘rebalancing’ – Aramco chief

The chief executive of Saudi Aramco says the oil market is approaching a stable state with higher prices.

“The market is moving toward rebalancing,” Amin Nasser reportedly told a conference in Paris.

He said an agreement between OPEC and other oil-exporting countries to cut production had boosted confidence in the market.

Aramco, which has sole control of Saudi Arabia’s vast oil wealth, is expected to undergo an initial public offering that could create the world’s largest listed company.

Despite the optimistic tone, oil prices have stayed at around $50 a barrel this year, well below the level of $100 a barrel that was reached prior to 2014.

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