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Amid tight global supplies, the oil market is expected to face its biggest deficit in over a decade.
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That’s as Saudi Arabia has extended its output cuts, while Russia plans to continue limiting exports.
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Crude oil prices rallied again on Tuesday after OPEC released market projections.
Saudi Arabia’s output cuts will exacerbate tight global supplies, with the oil market expected to face its biggest deficit in over a decade.
According to Bloomberg calculations of the latest data from the Organization of Petroleum Exporting Countries, the amount of oil OPEC is pumping in the third quarter is about 1.8 million barrels per day less than what is needed to meet demand.
By the…
