OPEC Flags Oil Surplus, Vitol Sees Waning Demand: Adipec Update
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An excess of supply in the oil market was the main reason for OPEC+ opting to cut production earlier this month, according to the group’s secretary-general.
He spoke at Abu Dhabi’s Adipec energy conference, shortly after Vitol Group, the world’s biggest independent crude trader, warned that demand’s dropping and will continue to do so for several months.