It will take some time for the oil market to rebalance, but the market will balance itself, the head of Saudi Arabia's state oil company Saudi Aramco said on Wednesday.

Expectations of higher oil prices by many investors have been shaken to a large degree, said Saudi Aramco Chief Executive Khalid al-Falih, speaking at the World Economic Forum in Davos.

Saudi Arabia is the largest oil producer in OPEC, which in November declined to cut its oil output and decided instead to focus on market share.-Reuters