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Opinion

The Oil Market Is Tighter Than You Think

The Oil Market Is Tighter Than You Think
A 3D-printed oil pump jack is seen in front of the OPEC logo in this illustration picture, on April 14, 2020. Dado Ruvic/Reuters
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Commentary

In the past three months, oil prices have corrected dramatically as global oil demand has eased and concerns about a Chinese slowdown have added to a possible European recession. The picture of demand growth may be weakening, but the global supply-demand balance remains tight, and years of underinvestment may bring elevated oil prices for longer.

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