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Rising oil supply glut half a billion barrels in 2015
10.15.2015
Data show the oil sector compiled by Reuters and institutions important issue forecasts for the market power that the leading exporters of the world's oil pumped more than half a billion barrels over required in the first nine months of this year.
According to Reuters it estimates that the Organization of Petroleum Exporting Countries (OPEC) pumped an average of 31.2 million barrels of oil per day between January and September, more than any of more than two million barrels per day above demand for OPEC supply size.
And it increases the total on 550 million barrels of crude, all need to be in storage somewhere.
The main countries in OPEC decided about a year ago to focus on building market share, rather than the defense of oil prices has resulted in a huge glut in supply pushed the market to its lowest level in six years.
The price of benchmark Brent around $ 49 a barrel today.
Was the fifth record in August, its lowest level since March 2009, down from a peak above $ 115 a barrel in June, recorded in June 2014.
And oil stocks have grown around the world this year to reach commercial fuel stocks in the advanced industrial economies a record high of 2.94 billion barrels in August, according to the International Energy Agency.
Data show from the IEA and OPEC and the US government to glut the global supply of crude oil produced by OPEC stood at 2.64 million barrels per day in the second quarter of the year.
The decline in the surplus to about 1.69 million barrels per day in the third quarter, but does not seem to fade indicate large oil market outlook estimates institutions to increase stocks in 2016.
Oversupply has been exacerbated in the case of the lifting of sanctions imposed on Iran in the next year as expected by many diplomats.
The International Energy Agency, the Paris-based "slowdown in demand growth is expected in the next Iranian year, additional supplies expected in the case of easing international sanctions will remain oversupply in the market probably in 2016." It ended 29 quarters e
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