OPEC Sees a World That Still Has Too Much Oil - Bloomberg Gadfly:
"The oil market is tipping slowly from glut to equilibrium, as output cuts from 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 does at least believe "that the market is already very close to balance," according to its latest monthly report."
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