Saturday, April 30, 2016

Dallas Federal Reserve Cautions 
Another Price Drop As Oil Glut Keeps Building
Ambrose Evans-Pritchard reports that the Federal Reserve is warning of a world awash in excess oil, running out of places to store the glut, with no sustained recovery in sight for the oil industry until 2017 at the very earliest .. "As we sit here today, Dallas Fed economists estimate that global daily oil production exceeds daily consumption by more than 1m barrels per day .. Excess inventories in the OECD member countries now stand at approximately 440m barrels. This is a record level and has raised concerns about whether there is sufficient storage capacity in certain geographic areas."
LINK HERE to the article

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