{"id":9147,"date":"2015-06-16T06:08:49","date_gmt":"2015-06-16T11:08:49","guid":{"rendered":"http:\/\/olduvai.ca\/?p=9147"},"modified":"2015-06-16T06:08:49","modified_gmt":"2015-06-16T11:08:49","slug":"global-cooling-alert-world-faces-longest-oil-glut-in-three-decades","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=9147","title":{"rendered":"Global Cooling Alert: World Faces Longest Oil Glut In Three Decades"},"content":{"rendered":"<h3 class=\"entry-title\"><a href=\"http:\/\/davidstockmanscontracorner.com\/global-cooling-alert-world-faces-longest-oil-glut-in-three-decades\/\" target=\"_blank\">Global Cooling Alert: World Faces Longest Oil Glut In Three Decades<\/a><\/h3>\n<p>The world is on the brink of the longest-lasting oil glut in at least three decades and OPEC\u2019s quest for market share makes it almost unavoidable.<\/p>\n<figure class=\"inline-image inline-media center \">\n<div class=\"inline-media__unlinked-image\"><img decoding=\"async\" src=\"http:\/\/assets.bwbx.io\/images\/iD.xjNGBr8EQ\/v3\/-1x-1.jpg\" alt=\"Record-Breaking Glut\" data-attachment-key=\"223911982\" \/><\/div>\n<\/figure>\n<p>Oil supply has exceeded demand globally for the past five quarters, already the most enduring glut since the 1997 Asian economic crisis, International Energy Agency data show. If the Organization of Petroleum Exporting Countries were to keep pumping at current rates it would become the longest surplus since at least 1985 by the third quarter, the data show.<\/p>\n<p>There are few signs the 12-nation group will cut back. Saudi Arabia, OPEC\u2019s biggest member, will probably increase production to intensify pressure on U.S. shale drillers, Goldman Sachs Group Inc. predicts. OPEC\u2019s supplies may be swollen further this year if Iran reaches a deal with world powers to ease sanctions on its exports, Commerzbank AG says.<\/p>\n<div data-view-uid=\"1|0_5_1_5\">\u201cIt seems to be taking longer for the oil surplus to clear, and, even without the return of Iran, IEA data indicates it could last for the rest of the year,\u201d said Eugen Weinberg, head of commodities research at Commerzbank in Frankfurt. \u201cAny expectations the oversupply will be gone by 2016 don\u2019t look justified at this stage.\u201d<\/div>\n<p>OPEC pumped 31.3 million barrels a day in May and will probably continue to pump around that level \u201cin coming months,\u201d the IEA said in a report on June 11. The agency doesn\u2019t forecast OPEC production.<\/p>\n<p>Brent for August settlement gained 28 cents to $64.23 a barrel on the London-based ICE Futures Europe exchange at 12:04 p.m. Singapore time.<\/p>\n<p>&nbsp;<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Global Cooling Alert: World Faces Longest Oil Glut In Three Decades The world is on the brink of the longest-lasting oil glut in at least three decades and OPEC\u2019s quest for market share makes it almost unavoidable. Oil supply has exceeded demand globally for the past five quarters, already the most enduring glut since the [&hellip;]<\/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":[2,3],"tags":[5979,2120,416,433,3044,1775,596,6408,600,1264,701],"class_list":["post-9147","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-contracorner","tag-david-stockman","tag-iea","tag-international-energy-agency","tag-oil-glut","tag-oil-price-collapse","tag-oil-supply","tag-oil-supply-surplus","tag-opec","tag-recession","tag-saudi-arabia"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9147","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=9147"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9147\/revisions"}],"predecessor-version":[{"id":9148,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9147\/revisions\/9148"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9147"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9147"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9147"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}