The global oil market should see supply and demand in balance by 2017 though it will remain structurally well-supplied for the next couple of years, U.S. Energy Secretary Ernest Moniz said on Friday. Speaking to reporters after meeting with Saudi Arabia’s Energy Minister Khalid al-Falih at the G20 energy meeting in Beijing, Moniz said the two men agreed that despite short-term production impacts, oil supply still exceeds demand. “Unless there are big surprises we are still in a situation of more production than demand. The gap is narrowing as global demand grows slowly,” Moniz said. “His (Falih’s) statement is that balance in supply and demand will probably be reached in the end of this year. That’s reasonable, […]