Surging US output 'a concern' for oil market: OPEC

Surging US output 'a concern' for oil market: OPECOil prices, long battered by a global glut in supply, have been rising recently as the market returns to balance on the back of a landmark deal between producers to throttle output, but surging shale production in the United States could throw a spanner in the works, OPEC said on Monday. Crude prices fell as low as $ 35 per barrel at the start of 2016, but they have been rising since, reaching a three-year high of more than $ 70 per barrel last month, “on signs that production adjustments by OPEC and non-OPEC participating countries are balancing the market,” the Organization of Petroleum Exporting Countries wrote in its latest monthly market report. OPEC countries and other oil-producing countries, such as Russia, agreed at the end of 2016 to cut back production to combat the global glut in oil.

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