OPEC, non-members expect oil market to rebalance by Q4: Novak

OPEC and non-member oil producers expect the market to rebalance in the third or fourth quarter of 2018, RIA Novosti news agency has reported, citing Russian energy minister Alexander Novak.

The producer group agreed in December 2016 with 11 non-OPEC oil producing countries to cut output by a combined 1.8 million barrels per day for a period of six months.

The deal – which aimed to tackle a global supply glut and prop up prices – will be in effect until the end of 2018, following two extensions in May and November last year.