Statoil CEO: Oil market will recover faster than anticipated

Statoil CEO Eldar Sætre believes in a speedier return to balance in the oil market than previously anticipated, and that this could happen already in 2017.

The oil market will rebalance faster than expected, projects Eldar Sætre, CEO of Norwegian oil major Statoil, reports Reuters.

This prediction comes in the wake of the agreement reached by the OPEC member states to reduce their daily oil output from 33.6 million barrels to 32.5 million barrels in an effort to strengthen the price of oil.

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