The chief financial officers of BP and Shell both said today that global crude production and demand are already in balance, relegating any production constraints that Opec may conjure up at its 30 November meeting to a fringe role. The executives were talking separately in conference calls following release of their respective company results and days after Opec members failed to agree on the parameters or share-out of a proposed production ceiling in a range of 32.5mn-33mn b/d.
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