As India’s backstep coincides with OPEC+ bringing back much of its curtailed oil output, the demand loss from one of the world’s largest oil consumers will result in a global oil liquids supply surplus of 0.9 million bpd in April
oil glut
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Largest oil glut in history just months away: Rystad Energy
A report by Rystad Energy found that an imbalance of 10 million barrels per day would hit the market in April