Oil prices are trading lower amid fears of oversupply in the crude market. According to Venezuela’s energy minister, global supplies will have to come down by around 10% from a current 94M bpd for output to meet consumption levels. Meanwhile, Saudi Arabia keeps pumping… the world’s biggest oil exporter produced 10.6M bpd in July, rising by more than 120K from June and hitting a fresh high, but the kingdom’s output may have dipped slightly in August.
