global oil glut

March global oil surplus at 17.7 million barrels per day; 2nd qtr surplus to be at 6.2 million bpd despite OPEC-led cuts

Thursday of this past week saw the release of OPEC's April Oil Market Report, which gives us a picture of the global oil supply & demand situation in March, after the breakdown of OPECs agreement to cut oil production in the first quarter, when Saudi and its allies were engaged in an oil price war against the Russians and US shale, but before last week's agreement to cut production by 9.7 million barrels a day.