Thu, Apr 05, 2018
OPEC and its allies led by Russia have reduced production since the start of 2017 to ease a global oil glut stemming from the U.S. shale oil boom that saw oil prices crashing to below $30 per barrel and investment in the oil sector falling by over $1 trillion in the past three years. OPEC`s production restraints have helped cut global oil stocks in industrialised nations from as high as 350 million barrels to as low as 50 million barrels, Sada said.
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