{"id":9180,"date":"2015-06-17T09:31:42","date_gmt":"2015-06-17T14:31:42","guid":{"rendered":"http:\/\/olduvai.ca\/?p=9180"},"modified":"2015-06-17T09:31:42","modified_gmt":"2015-06-17T14:31:42","slug":"biggest-glut-in-recorded-crude-oil-history-taking-shape","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=9180","title":{"rendered":"Biggest Glut In Recorded Crude-Oil History Taking Shape"},"content":{"rendered":"<h3 class=\"title\"><a href=\"http:\/\/www.zerohedge.com\/news\/2015-06-17\/biggest-glut-recorded-crude-oil-history-taking-shape#comment-6205372\" target=\"_blank\">Biggest Glut In Recorded Crude-Oil History Taking Shape<\/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,\u00a0<a href=\"http:\/\/www.bloomberg.com\/news\/articles\/2015-06-15\/longest-oil-glut-in-decades-looms-as-opec-pumps-up-market-share\">according to Bloomberg<\/a>.<\/p>\n<p><a href=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2015\/06\/20150616_oil1.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2015\/06\/20150616_oil1_0.jpg\" alt=\"\" width=\"600\" height=\"371\" \/><\/a><\/p>\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.<\/p>\n<p><em><strong><a href=\"http:\/\/wolfstreet.com\/2015\/06\/16\/biggest-glut-in-crude-oil-history-takes-shape-us-russia-opec-saudi-arabia-production\/\">But as WolfStreet.com&#8217;s Wolf Richter warns<\/a>, if Iran and world powers reach an accord on the Islamic Republic\u2019s nuclear program by their June 30 deadline, we\u2019ll be watching the most magnificent oil glut ever building up into next year.<\/strong><\/em><\/p>\n<p>\u201cThe market is flooded with oil and everyone is desperate to sell quickly, so you have a price war,\u201d a marine-fuel trader in Singapore, the largest ship refueling hub in the world, told\u00a0<a href=\"http:\/\/www.reuters.com\/article\/2015\/06\/16\/singapore-fueloil-trading-idusl3n0yx1rt20150616\" target=\"_blank\">Reuters<\/a>\u00a0as prices for bunker fuel oil are plunging.<\/p>\n<p>OPEC, which produces about 40% of global oil supply, announced on June 5 to \u201cmaintain\u201d output at 30 million barrels per day for the next six months. Six days later, the IEA\u2019s\u00a0<a href=\"http:\/\/www.iea.org\/newsroomandevents\/news\/2015\/june\/iea-releases-oil-market-report-for-june.html\" target=\"_blank\">Oil Market Report for June<\/a>\u00a0clarified that \u201cSaudi Arabia, Iraq, and the United Arab Emirates pumped at record monthly rates\u201d in May and boosted OPEC output to 31.3 million barrels per day, the highest since October 2012, and over 1 MMbpd above target for the third month in a row. OPEC will likely continue pumping at this rate \u201cin coming months,\u201d the IEA said.<\/p>\n<p>\u201cWe have plenty of crude,\u201d\u00a0<a href=\"http:\/\/www.reuters.com\/article\/2015\/06\/11\/us-saudi-oil-exports-idUSKBN0OR1KB20150611\" target=\"_blank\">explained<\/a>\u00a0Ahmed Al-Subaey, Saudi Aramco\u2019s executive director for marketing while in India to discuss with Indian oil officials supplying additional oil. \u201cYou are not going to see any cuts from Saudi Arabia,\u201d he said. Saudi Arabia produced 10.3 MMbpd in May, its highest rate on record.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<p><b>\u00a0<\/b><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Biggest Glut In Recorded Crude-Oil History Taking Shape 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,\u00a0according to Bloomberg. Oil supply has exceeded demand globally for the past five quarters, already the most enduring glut since the 1997 [&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":[3],"tags":[588,1775,595,596,600,694,701,827,4318],"class_list":["post-9180","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-oil","tag-oil-price-collapse","tag-oil-production","tag-oil-supply","tag-opec","tag-russia","tag-saudi-arabia","tag-united-states","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9180","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=9180"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9180\/revisions"}],"predecessor-version":[{"id":9181,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9180\/revisions\/9181"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9180"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9180"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}