supply reduction

Oil surged to a three-year high last week after geopolitical risks such as the conflict in Syria and tensions between Saudi Arabia and Iran-backed rebels in Yemen raised concerns over potential supply disruptions.(Reuters File Photo)

Oil rebounds as OPEC hints at extending output cuts stokes optimism

By Tsuyoshi Inajima | Bloomberg
UPDATED ON APR 17, 2018 12:40 PM IST
Record US crude production remains a major worry for OPEC and its allies who have been battling to reduce a global glut via supply reductions for the last 15 months.
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