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Volatile Oil Markets Not Convinced of an OPEC Freeze
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Slower growth in oil supply is helping the crude market to re-balance, and prices are set to increase over time, according to the head of the world’s biggest producer.
As investments in new oil and natural gas capacity have been being canceled or deferred worldwide, supply is rising more slowly, especially production of U.S. shale oil, Saudi Arabian Oil Co. Chief Executive Officer Amin Nasser said Monday. Global demand is “on a steady, if moderate course,” he said in a speech at a conference in Dubai.