DESPITE HEADWINDS INDUSTRY WATCHERS EXPECT STRONGER WORLD OIL MARKET

摘要

World oil prices have been rising through supply cuts by OPEC and because of U.S.oil sanctions against Venezuela and Iran.Can the bull market overcome headwinds from record U.S.crude output and talk of a softening global economy? The stronger oil market is being driven by Saudi Arabia,Russia and a loose assembly of 22 other nations that have cut 1.2 million barrels of daily production from the world market.Otherwise known as OPEC+,the cartel of oil-producing countries is hoping to stabilize a world market weakened by runaway output from shale fields in the United States.While their cause is getting support from the Trump administration's sanctions against Venezuela and Iran,some wonder if enough supply can be cut to firm up prices.After all,the United States is now the world's top oil producer,and much of its record production is being exported.In the meantime,analysts question the long-term health of economies in Europe and China.