“While the estimated 2016 growth of 3.1% is higher than that of 2015, it has been revised down slightly since our December meeting,” he added.
Al-Sada said that world oil demand was healthy with growth of over 1.2 million barrels per day expected.
On the supply side, he suggested that non-OPEC members were cutting their production as a result of the drop in prices last year.
“We now anticipate a contraction of 740,000 barrels per day this year. This is more than two million barrels per day lower than the growth of 2015,” he noted.