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OPEC sees oil market rebalancing at slower pace, says output rises

Reuters  |  LONDON 

By Alex LawlerLONDON (Reuters) - OPEC said on Tuesday a long-awaited rebalancing of the oil market was under way at a "slower pace" and reported that its own output in May jumped due to gains in nations exempt from a pact to reduce supply.In a monthly report, the Organization of the Petroleum Exporting Countries said its output rose by 336,000 barrels per day (bpd) in May to 32.14 million bpd led by a rebound in Nigeria and Libya, which were exempted from supply cuts because unrest had curbed their output.The boost means OPEC is pumping more than its forecast of average global demand for its ...

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First Published: Tue, June 13 2017. 19:57 IST
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