The biggest oil deficit since 2007 will hit in the 4th quarter as Saudi Arabia cuts supply

A worker prepares to transport oil pipelines to be laid for the Pengerang Gas Pipeline Project at an area 40km (24 miles) away from the Pengerang Integrated Petroleum Complex in Pengerang, Johor, Malaysia.Reuters/Edgar Su

  • Amid tight global supplies, the oil market is expected to face its biggest deficit in over a decade.

  • That’s as Saudi Arabia has extended its output cuts, while Russia plans to continue limiting exports.

  • Crude oil prices rallied again on Tuesday after OPEC released market…

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