Crude prices have been struggling to recover to their recent peaks in January. AFP / JOE KLAMAR
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Oil's recovery to almost $70 a barrel hasn't been sufficient to stimulate the return of enough investment in the sector, according to Saudi Arabia's energy minister.Brent crude has risen almost 37 percent since November 2016, when OPEC and Russia led a coalition of 24 producers in output cuts aimed at clearing the supply glut unleashed by the U.S. shale-oil boom. Both OPEC and the International Energy Agency forecast that the production cuts will succeed in eliminating the oil-inventory surplus this year. The group saw record compliance with production-cut targets in February.Government data show U.S. oil production has pushed past Saudi Arabia's and could reach 11 million barrels a day later this year.
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