Oil prices struggle on doubts OPEC can rein in oversupply
"Production growth in Libya and Nigeria and continued rig additions in U.S. are complicating the picture, raising doubts on OPEC`s strategy. For OECD inventories to return to the normalized levels, OPEC needs to drain by 34 million barrels a month or 1 million barrels for the next 10 months. This looks challenging," AB Bernstein said.
FILE PHOTO: Pump jacks are silhouetted against the rising sun at an oilfield in Baku. Pic: Reuters