Mubasher: OPEC Secretary-General said that oil market rebalancing was never going to occur in "a linear fashion," according to a statement published on the organisation's website.

"Slowly, steadily, but surely we are seeing light at the end of the tunnel," speaking at a conference in Paris, Mohammad Barkindo added on Thursday.

In November 2016, OPEC members agreed to trim oil output by 1.2 million barrels per day in an attempt to boost oil prices higher.