The oil market is well-balanced and well-supplied. This was one of the key messages in the speech that OPEC’s Secretary General Mohammad Barkindo delivered at the Oil & Money Conference in London this week. The oil market isn’t necessarily all in on OPEC’s ‘well-supplied’ narrative—the perception among market participants has been for weeks that the market is short on oil and will continue to tighten even more when U.S. sanctions on Iran snap back in three weeks’ time and Venezuela’s unstoppable production decline continues. Despite assurances from oil experts and officials that there isn’t any shortage of ... (full story)