Oil prices are on course for a fifth straight monthly increase despite significant demand destruction in China, a trend that highlights just how big the current supply problem is.
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As we are getting closer to next week’s OPEC+ meeting, the market has been increasingly questioning the necessity of yet another formal rubber-stamping of monthly production quotas. With Russia’s production down by almost 1 million b/d compared to February levels and Libya constantly battling supply disruptions, the oil group’s compliance rate is only going to increase. Despite a significant drop in demand from China, oil is set for a fifth straight monthly gain, with ICE Brent settling in at around $110 per barrel.
By Josh Owens for Oilprice.com