Opec warns of a world that still has far too much oil

Opec warns of a world that still has far too much oil

The oil market is tipping slowly from glut to equilibrium, as output cuts from Organization of the Petroleum Exporting Countries (Opec) and 11 non-Opec countries start to reduce crude flows.

It’s not quite there yet. Indeed, the grand “re-balancing” of supply and demand has yet to take place, although the International Energy Agency (IEA) does at least believe “that the market is already very close to balance,” according to its latest monthly report. Read More…

 

Credit By: Live Mint

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