Consultancy Rystad Energy estimates the extension of the current 9.7MM-b/d OPEC+ cuts through the end of July will lead to shortness in the oil market over the coming months. According to Rystad, the global oil market will flip from about 6.1MM b/d excess supply last month to shortages of about 1.5MM b/d this month, 4.6MM b/d next month, 4.2MM b/d in Aug., and 5.2MM b/d next Jan.
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