oil oversupply

Russia’s Oil Production Nearing Compliance with OPEC+ Cuts

Russia’s oil production fell to between 8.59 - 8.69 million barrels per day (mmbbl/d) in May, nearing Moscow’s previous pledge of reducing production to 8.5 mmbbl/d.

OPEC to Extend Production Cuts Until Year- End

The Organization of the Petroleum Exporting Countries (OPEC) could extend its oil production cuts until the end of 2020.

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