OPEC sees global oil market tipping into surplus this quarterOPEC expects global oil markets to tip into surplus this quarter as it downgraded the outlook for demand and bolstered estimates for rival supplies.
The Organization of Petroleum Exporting Countries cut forecasts for the amount of crude it will need to pump in the third quarter by 1.24 million barrels a day to 28.27 million a day, according to its latest monthly report. That’s about 570,000 barrels a day less than OPEC’s 13 members pumped in July