FILE PHOTO: A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture. REUTERS/Dado Ruvic
If there is one thing that is almost certain in the current global crude oil market, it’s that the stated reasons for the Organization of Petroleum Exporting Countries (Opec) group of oil exporters increasing supply are not the real reasons.
The eight Opec countries that are party to voluntary output cuts met on May 3 and decided to ease their curbs again for June, this time adding back 411,000 barrels per day (bpd).
