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Oil market in surplus as Russia pumps more crude

Despite a predicted Russian oil production drop due to sanctions against Russia, it still managed to increase its output during February, once again proving the IEA’ estimates wrong. 
Photo: Tatiana Meel/Reuters/Ritzau Scanpix
Photo: Tatiana Meel/Reuters/Ritzau Scanpix
By Grant Smith, Bloomberg News

Global oil markets are contending with a surplus as Russian production defies predictions of a slump while fuel demand slowly picks up, the International Energy Agency said. 

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