OPEC predicts further decline in non-OPEC oil supply
Data from the report showed that OPEC’s oversupply in global markets reached about 600,000 bpd after Indonesia rejoined the organization while Saudi Arabia pumped 10.088 million bpd in December while continuing to show no intentions of cutting production.
Meanwhile, the lifting of sanctions on Iran elevated oversupply concerns in global oil markets as Iran plans to increase its exports by 500,000 barrels per day (bpd) in the short term and by another 500,000 bpd within a year.
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