{"id":39817,"date":"2018-10-29T05:15:04","date_gmt":"2018-10-29T10:15:04","guid":{"rendered":"http:\/\/olduvai.ca\/?p=39817"},"modified":"2018-10-29T05:15:04","modified_gmt":"2018-10-29T10:15:04","slug":"is-the-oil-supply-glut-set-to-return","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=39817","title":{"rendered":"Is The Oil Supply Glut Set To Return?"},"content":{"rendered":"

Is The Oil Supply Glut Set To Return?<\/a><\/h3>\n
\"Barrels\"<\/picture><\/div>\n
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Is the oil market tightening too much or is a glut on the verge of making a comeback?<\/p>\n

There were a series of mixed messages from both OPEC and the IEA in recent days, offering a muddy outlook for the oil market. First was the TASS interview<\/a> with Saudi oil minister Khalid al-Falih. His main message was that Saudi Arabia has enough spare capacity to cover for any shortfall related to Iran, although he noted that any further unexpected outages \u2013 from, say, Venezuela, Libya or Nigeria \u2013 would test the cartel\u2019s abilities.<\/p>\n

Libya appears to be doing its part for now. Mustafa Sanalla, the head of Libya\u2019s National Oil Corp., said that Libya is aiming to increase production<\/a> to 1.6 million barrels per day by the end of 2019, which would mark the highest level since the Arab Spring and civil war began in 2011.<\/p>\n

Al-Falih remains confident that the market is well-supplied. But separately, he said that OPEC is in \u201cproduce as much as you can mode.\u201d Meanwhile, a technical committee working within OPEC suggested that it would prepare options for 2019, which could include a production cut in order to prevent a supply glut from re-emerging. OPEC+ announced plans to increase production by 1 million barrels per day in June, but the deterioration of the global economy in recent weeks \u201cmay require changing course,\u201d the committee said.<\/p>\n

Despite his confidence in the TASS interview, al-Falih sounded a bit more concerned about too much supply when he spoke to Saudi media, admitting that he was worried about rising inventories. \u201cWe (have) entered the stage of worrying about this increase,\u201d Al-Falih said<\/a>. Indeed, the U.S. has seen a sharp increase in inventories lately. Crude stocks<\/a> are up more than 28 million barrels since mid-September.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Is The Oil Supply Glut Set To Return? Is the oil market tightening too much or is a glut on the verge of making a comeback? There were a series of mixed messages from both OPEC and the IEA in recent days, offering a muddy outlook for the oil market. First was the TASS interview […]<\/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":[416,433,22482,6010,2245,596,597,5332,600],"class_list":["post-39817","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-iea","tag-international-energy-agency","tag-khalid-al-falih","tag-nick-cunningham","tag-oil-market","tag-oil-supply","tag-oil-supply-glut","tag-oilprice-com","tag-opec"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/39817","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=39817"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/39817\/revisions"}],"predecessor-version":[{"id":39818,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/39817\/revisions\/39818"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=39817"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=39817"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=39817"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}