OPEC is confident that the oil market will be "more balanced" next year as non-OPEC production has contracted and global demand is increasing, the cartel''s secretary general Abdullah el-Badri said Sunday.
"OPEC is confident that it will see a more balanced market in 2016," Badri told an oil and gas conference in Kuwait City. "In recent months, there has been a contraction in production from non-OPEC producers and an increase in global demand," he said.
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