OPEC said the oil market outlook in the second half of 2018 is highly uncertain even though the producer group’s figures show a global glut has ended, suggesting talks next week on relaxing a supply cut deal won’t be straightforward. OPEC, Russia and other non-OPEC producers have been cutting output since January 2017 to get rid of excess supply and boost prices. The deal’s goal was originally to reduce inventories in developed nations to that of the five-year average. In a report on Tuesday, the Organization of the Petroleum Exporting Countries said those inventories in April fell to 26 million barrels below the five-year average. That’s down from 340 million barrels above the average in January 2017. With oil LCOc1 hitting $80 a barrel this year, the highest since 2014, Saudi Arabia and Russia are discussing raising output. But Iran disagrees and Iraq has voiced restraint, […]