• OPEC predicts oil glut in 2017

    OPEC predicts oil glut in 2017

    The Organisation of Petroleum Exporting Countries (OPEC) has predicted a larger surplus in the oil market in 2017 from non-OPEC members as new fields come on stream, according to the cartel’s monthly Oil Market Report (OMR) published monday.

    Apart from new oil fields coming on stream, the anticipated glut in the oil market will be further buoyed by the United States shale producers, who have refused to be forced out of the market by the low oil price.

    The booming output from […]