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Commodities Briefing - Categorized | Market Moves, Oil more

Supply boom upends the oil market

Posted on 26 October 2012

Suddenly, the world is awash in oil. Only a few months ago, traders and investors were fretting about whether tensions in the Middle East and production problems elsewhere would lead to a shortage of crude oil. Now, many are worried there may be too much.
Forecasters say that in the fourth quarter, global oil output will top demand by more than 630,000 barrels a day, the biggest surplus in four years. The jump is due to a confluence of events: Turmoil in the Middle East has subsided along with the production and transportation problems that had been stifling oil flows from the U.S., North Sea and Africa. Meanwhile, Saudi Arabia is pumping more oil to replace falling Iranian exports, keeping output from the Organization of the Petroleum Exporting Countries steady………………………………………..Full Article: Source


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VRS - who has written 36545 posts on Opalesque Commodities Briefing.


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