OPEC Secretary-General Abdullah al-Badri said on Tuesday that the oil market will be balanced in 2016.
"The expectation is that the market will return to more balance in 2016. We see global oil demand maintaining its recent healthy growth. We see less non-OPEC supply. And we see an increase in the demand for OPEC crude," he said.
Next OPEC meeting is scheduled to be on December 04.