VIENNA: Saudi Arabia expressed confidence Thursday that oil prices will keep recovering, cementing expectations that a divided OPEC will decide to keep crude gushing at its meeting in Vienna.
"Everybody is very satisfied with the market. The market is rebalancing as we speak," said Khaled al-Falih, newly appointed by the kingdom's powerful and dynamic new crown prince.
"Demand is extremely healthy and robust. Non-OPEC supply is declining. Prices will respond to the rebalancing of the market," Falih told reporters.
Traditionally the Organization of the Petroleum Exporting Countries, which pumps around a third of the world's oil, has cut production to boost falling prices.
But in the most recent drop, which has seen oil tumble from over $100 in 2014 to close to $25 in January, OPEC -- driven by Riyadh -- has changed tack, keeping oil flowing to maintain market share and squeeze competitors.
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