Global supply balancing act

摘要

Global oil supply could fall in sync with demand more quickly if OPEC and Russia agree to a steep enough cut in production - but it is unclear how fast this might happen, according to the International Energy Agency (IEA). OPEC, led by Saudi Arabia, agreed last month to cut production to around 32.5m to 33.0m b/d and Russia has suggested that it is ready to join in any effort to temper supply and reduce an ongoing global glut of crude oil.