Andurand: OPEC+ May Need to Cut More as U.S. Oil Production Soars

The OPEC+ group may need to make additional oil production cuts to offset growing supply from the United States that has exceeded expectations, hedge fund manager Pierre Andurand told Bloomberg television in an interview on Wednesday. “Demand growth is very strong, despite all the fears of a really weak macroeconomic outlook,” Andurand told Bloomberg. “Supply has been the issue, a lot more supply than expected.” U.S. oil production has been breaking records in recent weeks, exceeding earlier forecasts. According to Andurand,…