Shale Giant EOG Sees Balanced Global Oil Market on OPEC+ Reductions

Coordinated crude output reductions by the Organization of Petroleum Exporting Countries and its allies have led to a balanced global oil market, according to US shale giant EOG Resources Inc.

Still, the Saudi Arabia-led oil cartel will start to unwind the cuts later this year, Chief Operating Officer Jeff Leitzell said Monday at the JPMorgan Energy, Power and Renewables Conference in New York.