OPEC warns on oil ‘oversupply’ ahead of crunch Doha meeting

Oil prices have plunged 75 percent from mid-2014

Vienna (AFP) – OPEC warned Wednesday that the world remains awash with crude ahead of a crunch meeting in Doha between cartel members and other major producers to discuss a production freeze to boost the oil price.

Despite a recent rebound in prices, “hurdles prevail as oversupply persists and inventories remain high,” the Organization of Petroleum Exporting Countries said in its April monthly report released before Sunday’s meeting.