Full tanks and tankers: a stubborn oil glut despite OPEC cuts

Full tanks and tankers: a stubborn oil glut despite OPEC cuts

After the first OPEC oil production cut in eight years took effect in January, oil traders from Houston to Singapore started emptying millions of barrels of crude from storage tanks.

Investors hailed the drawdowns as the beginning of the end of a two-year supply glut – raising hopes for steadily rising per-barrel prices.

It hasn’t worked out that way. Read More…

 

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