OPEC sees market pressure easing
OPEC sees market pressure easing Tankstorage
Lower output from Nigeria on account of increased violence in the oil-rich Niger Delta, as well as the impact the Alberta wildfires have had on Canada’s oil production have both helped accelerate alignment between supply and demand OPEC noted. “The excess supply in the market is likely to ease over the coming quarters,” it wrote.
After reaching a 12-year low of USD 27 per barrel in January, oil prices have recovered to around USD 50.
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