OPEC says oil glut almost gone, makes supply pledge amid Iran worries
Updated : May 17, 2018 08:06 PM IST
OPEC said oil inventories in developed nations in March fell to 9 million barrels above the five-year average. That's down from 340 million barrels above the average in January 2017.
The goal of the supply cut was to reduce the excess in oil stocks to that of the five-year average.