{"id":19009,"date":"2016-03-18T11:33:19","date_gmt":"2016-03-18T16:33:19","guid":{"rendered":"http:\/\/olduvai.ca\/?p=19009"},"modified":"2016-03-18T11:33:19","modified_gmt":"2016-03-18T16:33:19","slug":"shock-report-oil-oversupply-exaggerated-millions-of-barrels-go-missing-oil-market-could-tighten-substantially","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=19009","title":{"rendered":"Shock Report: Oil Oversupply Exaggerated: Millions of Barrels Go Missing: \u201cOil Market Could Tighten Substantially\u201d"},"content":{"rendered":"

Shock Report: Oil Oversupply Exaggerated: Millions of Barrels Go Missing: \u201cOil Market Could Tighten Substantially\u201d<\/a><\/h3>\n
\n

\"oil-barrels\"<\/p>\n

You may remember that just\u00a0two months ago\u00a0the International Energy Agency\u00a0warned<\/a>the oil market could \u201cdrown in oversupply\u201d in 2016. The outlook for oil, which had tumbled 75% since 2012 and hit a low of $28 per barrel by mid January, was looking bleak with some analysts suggesting that sub-$20 oil was a real possibility.<\/p>\n

The\u00a0official<\/em>\u00a0numbers were compelling \u2013 the world was awash in oil with scores of\u00a0tankers brimming\u00a0with\u00a0black<\/a>\u00a0gold\u00a0reportedly sitting in limbo with\u00a0nowhere to go. Oil storage was at capacity. OPEC warned that oil\u00a0wouldn\u2019t return to triple digits<\/a>\u00a0for two decades.<\/p>\n

The entire North American oil sector had collapsed. Tens of thousands of\u00a0jobs disappeared<\/a>\u00a0almost overnight. And with prices so low, many producers and exploration companies who had taken out large financing packages started missing payments. The energy debt bubble had burst.<\/p>\n

But what if the oversupply that was threatening\u00a0to\u00a0topple mid east governments and unravel the global economy was a complete fabrication?<\/p>\n

What if it the numbers upon which the entire narrative was predicated were nothing but fantasy?<\/p>\n

It turns out that this may well be the case, according to\u00a0Fortune<\/a>:<\/p>\n

\n

The IEA was\u00a0unable to account for 800,000 barrels of crude per day last year\u2013the highest level of missing crude in 17 years.<\/strong><\/p>\n

The missing crude could simply be a figment of statistics, showing up in the agency\u2019s data due to flawed accounting.<\/p>\n

\u2026<\/p>\n

If the oversupply has been exaggerated and those barrels don\u2019t exist, market analysts say that the oil market could tighten substantially.<\/strong>Crude prices have wallowed at their lowest point in more than a decade over the course of a nearly-two-year crash marked by concern about oversupply.<\/p><\/blockquote>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Shock Report: Oil Oversupply Exaggerated: Millions of Barrels Go Missing: \u201cOil Market Could Tighten Substantially\u201d You may remember that just\u00a0two months ago\u00a0the International Energy Agency\u00a0warnedthe oil market could \u201cdrown in oversupply\u201d in 2016. The outlook for oil, which had tumbled 75% since 2012 and hit a low of $28 per barrel by mid January, was […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[416,433,588,3044,595,596,600,6490],"class_list":["post-19009","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-iea","tag-international-energy-agency","tag-oil","tag-oil-glut","tag-oil-production","tag-oil-supply","tag-opec","tag-shtfplan-com"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/19009","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=19009"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/19009\/revisions"}],"predecessor-version":[{"id":19010,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/19009\/revisions\/19010"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19009"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19009"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19009"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}