Oil market turns its back on OPEC

Oil prices are approaching USD 80 per barrel because the market lacks confidence in new supply.

Photo: /ritzau/Nabil al-Jurani/Arkiv

Saudi Arabia's oil minister has done his best to talk up the price of oil.

One week after the meeting of OPEC ministers, Khalid al-Falih and his colleagues must admit that promises of increasing global oil supply – to increase production for the world market by around 1 million bpd – have been entirely without effect.

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