World oversupplied with oil: Opec chief

Opec President Edmund Daukoru said on Friday that the global oil market is oversupplied by about 2 million barrels per day.

"The market is indeed well supplied with crude today," Daukoru told an audience at the National Press Club in Washington, ahead of next week's meeting of the Organization of the Petroleum Exporting Countries.

Daukoru's view that the global market has plenty of crude oil differed with that of the United States, the world's biggest oil consuming nation, which believes the market needs more oil.

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