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US global oil outlook jolted by Saudi-Russia market share battle

The US Energy Information Administration has significantly revised its short-term outlooks for global oil supply, demand and prices following the March 6 meeting of the Organisation of the Petroleum Exporting Countries

The EIA assumes that Opec will target ‘market share instead of a balanced global oil market’, with its crude oil production rising to an average of 29.2m barrels per day from April through December 2020, up by 500,000 bpd — around 1.7% — from an average of 28.7m bpd in the first quarter of 2020

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