Reuters reports that supply disruptions in Nigeria, Canada, Venezuela, Libya, etc. are adding up (http://www.reuters.com/article/us-global-oil-idUSKCN0YB03H):
“ANZ bank said that unexpected supply disruptions across the world, excluding output falls in the United States, amounted to around 2.5 million barrels of daily production, virtually erasing a production overhang that had pulled down prices by over 70 percent between 2014 and early 2016.
“The supply disruptions inflicting the oil market continue to ratchet up… “”
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