Despite OPEC/Non-OPEC Producers Extending Cuts, Oil Market Fundamentals Remain Bearish

OPEC and its non-OPEC partners agreed May 25 to maintain crude oil production cuts, yet prices tumbled. James Bambino explains why doubts remain about the balance of global markets and examines whether the commitment to output cuts is enough to reverse the bearish state of the spot oil market. Refined product stocks, displaced barrels and healthy refining margins all play a part in the market, and it will be important to keep a close eye on fundamentals.

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