OPEC: Oil market set to ‘rebalance itself’

OPEC officials said yesterday the oil market was poised to start rebalancing itself after prices sank to their lowest since 2003, a sign the exporter group will stick to its policy of not cutting supplies without help from rival producers.

Oil prices have collapsed to below $28 a barrel this month from $100 in mid-2014 on a supply glut.

The drop gained impetus after the Organisation of the Petroleum Exporting Countries in late 2014 shifted strategy to defend market share, not prices.