Oil “Rebalancing” In Jeopardy After Iran Output Soars To Pre-Sanction Levels, Russia “Pours Cold Water” On OPEC Forecast
by Tyler Durden
ZeroHedge.com
05/13/2016
The biggest non-OPEC member disagreed with OPEC’s latest rosy – if only for OPEC countries – assessment, when Russia poured cold water on the notion that recent falls in production in the Americas, Asia and Africa had wiped out a global production and storage overhang. Russian Energy Minister Alexander Novak told reporters on Thursday that the global oil surplus stood at 1.5 million bpd and that the market might not balance out until the first half of 2017.
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