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Oil prices will face downward pressure next year as OPEC sees oversupply expanding, report says

1 month ago   |   By Business Insider

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Oil markets will start next year with a worsening supply glut, according to an OPEC+ forecast viewed by Reuters.
OPEC+ expects a surplus of 2 million barrels per day in January, 3.4 million in February, and 3.8 million in March.
The data comes as the emergence of the new coronavirus variant generate uncertainty around demand for oil.
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OPEC+ sees an expanding oversupply in global oil markets at the start of next year, putting additional pressure on crude oil prices. The Organization of the Petroleum...
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