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The World's Oil Glut Is Much Worse Than It Looks
A meeting of ministers from OPEC states and their oil-producing allies will take place in Abu Dhabi this week. It will probably be a subdued affair. Oil prices remain stubbornly low despite big output cuts by the so-called OPEC+ group and geopolitical factors such as the U.S. sanctions on Iran. The meeting of the Joint Ministerial Monitoring Committee, a body set up by OPEC+ to oversee its production-cutting strategy, won’t reset the group’s approach but it might provide some clearer guidance on its goals. The ministers insist that they don’t have a target for how far they want the price of crude to rise, and ... (full story)