Senior officials from three of OPEC’s core producer nations — Saudi Arabia, the United Arab Emirates, and Kuwait — lined up on Wednesday to say that the super-sized addition of supply by the producer club at the weekend was needed by the global market.
Oil prices eked out gains this week, a sign that the market has largely shrugged off the larger-than-expected output hike announced on Saturday by the Organization of the Petroleum Exporting Countries and allies. Despite the current tightness, forecasters are pointing out that supply growth is at risk of outpacing demand later in the year.