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Don't Look Now, but the Global Oil Surplus Just Tripled
h/t InstapunditWay back in June of 2014, oil was trading above $110 per barrel and producers were sitting pretty. Now, some 27 months later, those same producers have been put through the wringer and been forced to endure prices that dipped as low as $27 per barrel at the start of this year before recently settling in the $40-50 range. A global oversupply precipitated this price collapse, and its persistence has been as much of a boon for buyers as it has been a headache for sellers. Now, as Bloomberg reports, that glut appears to have tripled over the course of the past month: Posted by: g(r)omgoru 2016-09-26 |
| http://www.rantburg.com/poparticle.php?ID=468627 |