10.03.2015 - OPEC chief: After July, oil market will be back in balance
The global crude-oil market will return to balance in the second half of this year from an oversupply of 2 million barrels a day that has caused prices to plummet, OPEC Secretary-General Abdalla El-Badri said. Speaking yesterday at a conference in Manama, Bahrain, El- Badri said demand growth in 2014 was weaker than expected “at just below 1 million barrels a day” and usage will rise by 1.2 million barrels a day this year. Crude has lost half its value since June as U.S. producers pumped oil at the fastest pace since 1983. Prices collapsed after OPEC’s decision on Nov. 27 to maintain production rather than sacrifice market share in the face of a glut...............................................Full Article: Source
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