World oil market demand is catching up with supply
BEIJING - The U.S. energy secretary said he sees the global oil market coming into balance over the next year as rising demand catches up with a supply glut that has depressed prices.
Ernest Moniz said Friday there's still more production than demand, but consumption is catching up.
Moniz spoke after meeting with the Saudi oil minister. They were in Beijing for a meeting of energy ministers from the Group of 20 major developed and emerging economies.
The Saudi minister, Khalid Al-Falih, said last week oversupply of oil was ending and he expected markets to come into balance this year.
Moniz said, "that's reasonable, although it could also go into next year. Let's say, within the next year, most of the people would expect a balance in the market."