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OPEC sees more balanced oil supply over next 6 months

The OPEC has forecast a more balanced global world oil market during the second half of this year, explaining that outages in Nigeria and Canada helped ease a supply glut that had weighed on prices more quickly than expected. According to the organization, its oil production fell by 100,000 barrels per day in May. It also projected a supply deficit of 160,000 barrels per day in the second half of this year, if the group maintains production levels at May’s rate.

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