Historic Oil Glut Amassed During the Pandemic is Almost Gone
Posted 20/04/2021 11:45
The unprecedented oil inventory glut that amassed during the coronavirus pandemic is almost gone, underpinning a price recovery that’s rescuing producers but vexing consumers.
Barely a fifth of the surplus that flooded into the storage tanks of developed economies when oil demand crashed last year remained as of February, according to the International Energy Agency. Since then, the lingering remnants have been whittled away as supplies hoarded at sea plunge and a key depot in South Africa is depleted.
The re-balancing comes as OPEC and its allies keep vast swathes of production off-line and a tentative economic recovery rekindles global fuel demand. It’s propping international crude prices near $67 a barrel, a boon for producers yet an increasing concern for motorists and governments wary of inflation.
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Historic oil glut amassed during pandemic has almost gone
Drivers in California are already feeling the effects by paying almost $4 for a gallon of gas.
By Grant Smith and Julian LeeBloomberg
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Storage tanks and cranes stand at an oil industry support facility in Port Fourchon, La., on June 11, 2020. In the U.S., the inventory pile-up has effectively cleared already, with stockpiles of crude and products subsiding in late February. Luke Sharrett/Bloomberg
The unprecedented oil inventory glut that amassed during the pandemic is almost gone, underpinning a price recovery that’s rescuing producers but vexing consumers.
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