Kuwait's OPEC governor Nawal al-Fuzaia said on Thursday the oil market would balance itself but "we need to be patient", indicating support for the producer group's policy of defending market share despite falling prices.
Speaking at the Gulf Intelligence Energy Markets Forum in the UAE emirate of Fujairah, Fuzaia said the current imbalance in the market stemmed from several factors and not just an economic slowdown in China.
"The weakening demand in China, it is a short-term issue. I don't think that it will have an effect on OPEC market share," she said.
OPEC shifted policy in November 2014 by deciding not to support prices by cutting output, in order to defend market share against U.S. shale oil and other higher-cost supply sources.Click here to read more.
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