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Oil Market Fairly Balanced: Chevron

OIL

The oil market is “fairly balanced right now”, Patti Leigh, VP of crude supply and trading at Chevron, said at the Argus European Crude Conference in London, reported by Bloomberg.

  • She added that US oil is heading to the markets where it’s needed, which is currently Europe as it continues to find replacements for Russian supplies.
  • Leigh also said that in the US, the Permian growth rate is around 10%, down from 20% but is increasing from a higher base level, according to Bloomberg reports.

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