The stalled drawdowns shed light on the broader challenge facing OPEC – the Organization of the Petroleum Exporting Countries – as it struggles to steer the industry out of the downturn caused by oversupply. With U.S. shale oil production surging, inventories remain stubbornly high and prices appear stuck in the low-$50s per-barrel range.
The market has not strengthened enough to drain many major storage facilities around the globe – which OPEC oil ministers had hoped would be a first step toward rebalancing what has been a buyer’s market since
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