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Global Oil Market Squeeze In Question Amid Stable Russian Supplies

OIL

The oil market squeeze that’s predicted for later this year depends not only on Chinese demand but also on anticipated Russian supply cuts amid western sanctions according to Bloomberg.

  • “There’s going to be a decline but it’s going to be be a slower decline,” Dan Yergin, vice chairman of S&P Global said.
  • It won’t be “the dramatic fall off a cliff that some people projected a year ago.”
  • OPEC and IEA forecasts suggest Russian oil output will plunge by 1mbpd this year to around 10mbpd. So far Russian output has held steady at 11mbpd.

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