OPEC for the first time forecast that new oil supplies from its rivals will exceed growth in demand this year as the U.S. industry thrives. In its monthly market report, the Organization of Petroleum Exporting Countries raised its expectation for supply growth from the U.S. and other producers for a fourth consecutive month, to 1.66 million barrels a day. That would more than cover demand seen climbing by 1.6 million barrels a day and suggests that efforts by the group and Russia to clear a global glut by cutting output are backfiring.
Source: Bloomberg Pro Terminal
Trader Bozhidar Arabadzhiev
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