FGE Chairman Fereidun Fesharaki said on March 23 that the oil market was mistaken if it assumed more than 100 percent compliance to OPEC cuts would result in a rapid reduction in the stockpiles back to a five-year average. “OPEC cuts are working, just not as fast as OPEC would have liked,” he said. There are concerns among market players that US’ tight oil recovery is faster than expected and Saudi Arabia and OPEC may abandon market management and go back to a price war, he said. “In the US oil industry, there is no unified ‘boss’ to decide production discipline other than the oil price itself. OPEC needs to simply manage that,” he said. Supply-demand balance in the market may be achievable by mid-2017, even if WTI may fall to $45 per barrel in the short term, and Brent may be in the upper $40s range, he said. FGE sees strong demand for oil this year.