The adviser of Saudi Energy Minister, Ibrahim al-Muhanna has said that he expected the oil market to be “well balanced” by this year.

During an oil summit in Paris, the adviser was quoted saying, “This year, we have seen the implementation of the OPEC plus decision. It is possible to extend the cut until the end of the year depending on market conditions.”

Last year, the OPEC group has agreed to cut production, partly in response to increased the U.S shale output.

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