OPEC production driven higher by Iraq

OPEC production rebounded in November, led by Iraq, which will only add to the glut of oil in the market. Even though demand is set to grow by over 1m bpd next year and non-OPEC supply should fall, bulging stocks and high production from OPEC will mean that the market will still take some time to return to balance. As such, prices are set to recover only gradually.

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