US oil output hampering market rebalancing: OPEC

US oil output hampering market rebalancing: OPECIncreased oil production in the United States is hampering efforts to balance out market supply and demand, OPEC said on Tuesday. While a “rebalancing of the market” was “underway,” it was “at a slower pace than originally anticipated,” the Organization of Petroleum Exporting Countries wrote in its latest monthly oil market report. Back in November, OPEC members agreed to cut production by 1.2 million barrels per day for six months beginning from the start of the year in a bid to reduce the glut of oil supplies on the shore up prices.



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