The latest IEA Oil Market report said that despite oil producing countries working towards an agreement to help boost oil prices, the “massive oil inventory overhang” is keeping the market under pressure.
Opec agreed on 28 September to cut production, leading to a 15% jump in oil prices to more than $53 per barrel, however, according to the report, “critical details” still need to be sorted out before the market can expect a re-balance.
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