Russia's crude oil production increases, shifting global oil supply to surplus
- 1Russia's crude oil production increased to 8.73 million barrels per day in October.
- 2Global oil supply reached 105.4 million barrels per day in October.
- 3Global oil supply is exceeding demand, showing signs of the market seeking rebalancing.
So what's the key point?
Russia produced 8.73 million more barrels of oil per day. As there is now an excess of oil worldwide, the market balance is changing.
Source Bloomberg +1 · View original ↗
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