Oil market rebalancing outlook still intact: analysts

Singapore

SAUDI Arabia, the world's largest oil exporter, is digging in its heels on the oil policy that it started in late 2014, with the appointment of a new oil minister, analysts say.

With oil production from the US expected to continue declining, they are therefore expecting no change to the market consensus of a rebalancing in oil supply and demand toward the end of the year, or early next year.