| OPEC’s move to cut output might be too late. After pumping full tilt for the past two years, the Organization of the Petroleum Exporting Countries is weighing a plan to reduce production by up to 700,000 barrels a day later this year.
But many analysts say the proposed reduction isn’t big enough, nor will it happen quickly enough, to address a global supply glut that has kept oil prices low. Going into this year, many forecasters projected that supply and demand for crude would return to balance by the end of 2016............................................Full Article: Source
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