ABU DHABI (Sputnik) — The global oil market could recover within a year of the world economy returning to growth, Bahrain's Energy Minister Abdulhussain Ali Mirza told Sputnik on Tuesday.
“In a year, for example, the economy can return to growth and thus the situation in the oil market will be balanced," he said at the International Renewable Energy Agency (IRENA) General Assembly in Abu Dhabi.
He added that at the moment, oil supply exceeds demand by about 2 million barrels due to stagnation in the Chinese and other economies.
Market prices for benchmark Brent and WTI crude dropped to a twelve-year low in mid-January, sliding below the historic level of $30 a barrel.
