September 25, 2016
...AND CHEAPER...:
OPEC Under Pressure to Act in Algiers as Surplus Triples (Grant Smith, September 22, 2016, Bloomberg)
More than 800,000 barrels a day of additional crude is pouring into the global market this month compared with August as Russia pumps at an all-time high while Libya and Nigeria restore disrupted supplies, according to statements from their ministry officials. That would imply a tripling of the supply surplus, estimated currently at about 400,000 barrels a day by the International Energy Agency."We are overproducing and we're not going to draw down inventories like we thought we would," said Chris Bake, a senior executive at Vitol Group, the biggest independent crude trader. "We're still building crude inventories and that's a problem."
Posted by Orrin Judd at September 25, 2016 12:22 PM