North Sea Oil Pipeline Halt to Give OPEC Mission Shot in the Arm
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OPEC says the global oil glut is diminishing fast. The halt to a means the oversupply may be about to shrink quicker still.
The stockpile glut -- including crude as well as oil products -- has decreased to 130 million barrels above the five-year average, Mohammad Barkindo, secretary general of the Organization of Petroleum Exporting Countries, said in a in Beijing on Wednesday. That’s an impressive contraction of the surplus given the group estimated the overhang at about 154 million barrels for September.