OPEC warns no supply increase coming online

According to OPEC, the oil markets are so askew at the moment that adding capacity would fail to materially stave off high prices.

Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, has said there are “physical impediments that no producer can solve” at work right now in the oil market, according to the Financial Post/Bloomberg.

OPEC is expected to continue to raise output by 432,000 barrels a month.

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