IEA rapport out, while demand is up by 80.000, overproduction is still 250.000. The expansion of Shaybah oilfield is estimated to increase Saudi production by 250.000 by July (financial times two days ago). I see crude back below 40$ in a month unless some other OPEC countries cut production. Saudi arabia is likely not going to adjust down the production because of the IPO of Saudi Aramco.
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