OPEC and allies, in the context of what is known as the OPEC + group, started on May 1 an unprecedented production cuts to meet the oversupply, and other producers, including the United States, said they would pump less. OPEC said the cuts are paying off.
OPEC said in the report, “The rapid adjustment of supplies to deal with the current severe imbalance in the global oil market is already beginning to show positive results, as the pace of balance is expected to accelerate in the coming quarters of the year.”
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