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The surplus of oil in the world today can be attributed to several factors, including increased production from major oil-producing countries, advancements in extraction technologies like fracking, and a slowdown in global demand due to economic uncertainties and shifts towards renewable energy. Additionally, geopolitical tensions and decisions by organizations like OPEC have influenced supply levels. This combination has resulted in an oversupply, leading to lower prices and market imbalances.

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1mo ago

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