ℭOPEC+ Reaches Goal of Wiping Out Oil-Stock Surplus

ℭOPEC+ Reaches Goal of Wiping Out Oil-Stock Surplus
ℭOPEC+ Reaches Goal of Wiping Out Oil-Stock Surplus
OPEC and allied oil producers including Russia concluded that the crude market re-balanced in April, when their collective production cuts achieved a key goal of draining the surplus in global stockpiles. The excess in oil inventories, which has weighed on prices for three years, plunged in April to less than the five-year average for stockpiles in developed nations, according to people with knowledge of the data assessed at the meeting of the Joint Technical Committee of OPEC and other producer…

ℭOPEC+ Reaches Goal of Wiping Out Oil-Stock Surplus