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Opinion: Global Oil Supply More Fragile Than You Think

Green Car Congress

But the collapse of prices in July—owing to the Iran nuclear deal, an ongoing production surplus, and economic and financial concerns in Greece and China—have darkened the mood. It makes sense for companies to cut today, but collectively that could lead to much lower supplies in the future.

Oil 150
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Opinion: The Current Oil Price Rally Is Reaching Its Limits

Green Car Congress

Moreover, supply outages in places like Iraq and Nigeria have also knocked at least a quarter of a million barrels per day offline, an unexpected disruption that put upward pressure on prices in March. Iran also continues to add production, albeit at a slower-than-expected rate.