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Posted on Sustainabilitank.info on November 27th, 2015
by Pincas Jawetz (PJ@SustainabiliTank.com)


Record oil glut stands at 3 billion barrels.

MENAFN – Arab News – 14/11/2015

November 14, 2015 – the day after the Paris Massacre.

(MENAFN – Arab News) LONDON: The world is awash with oil having built record stockpiles in recent months and slowing demand growth combined with resilient non-OPEC supply could worsen the glut well into next year the International Energy Agency (IEA) said.

‘Stockpiles of oil at a record 3 billion barrels are providing world markets with a degree of comfort’ the IEA said in a monthly report adding brimming stocks offer an unprecedented buffer against geopolitical shocks or unexpected supply disruptions.

Oil prices have more than halved in the past 18 months with supply bolstered by US shale oil output, and OPEC’s record production – the Arab News report says.

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