OPEC+ reaches goal of wiping out oil-stock surplus

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OPEC+ reaches goal of wiping out oil-stock surplus

*OECD stocks fell to 20 million barrels below 5-year average *Market rebalanced on more compliance with cuts, summer demand 27 May 2018, London — OPEC and allied oil producers including Russia concluded that the crude market re-balanced in April when their collective production cuts achieved a key goal of draining the surplus in global stockpiles. …

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