Riyadh – Mubasher: The oil market is nearing a 'rebalancing' of supply and demand conditions, Reuters reported, citing Saudi Aramco CEO Amin Nasser as saying on Friday at the Columbia University Energy Summit.

US oil production will result in downward pressure on the market; however, it will find a means to rise in the future, he added.

Last week, US oil rigs rose for the 13th successive week, adding 11 rigs and bringing the total to 683 rigs, according to data released by Baker Hughes Oilfield Services.

Aramco's top official stated that the initial public offering of the Saudi oil giant was moving according to plan.

On Thursday, the International Energy Agency (IEA) revealed that global oil demand was getting close to exceeding supply after nearly three years of output surplus, despite "growth in the overhang of unused crude", according to Reuters.

Oil stocks across the Organization for Economic Cooperation and Development (OECD) were down by 17.2 million barrels in March, whereas in the first quarter of the year, stocks were grew by 38.5 million barrels, or 425,000 barrels per day (bpd), following a notable rise in January, according to the OECD report.