The oil market may return to balance by the third quarter of this year if producers comply with their deal to cut output, otherwise the timeframe for rebalancing could be pushed out further, Kuwaiti oil minister Essam al-Marzouq said on Sunday.
Marzouq told reporters that there needed to be 100 percent compliance among producers with the deal. Earlier, Russia’s energy minister said compliance was at 94 percent.
However, there has been some progress towards rebalancing and producers’ output numbers for February and March were well received by the market, Marzouq said.
