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BP says oil price at its most stable since early 1970s

Posted on 17 June 2014

The price of oil is at its most stable since 1970, as a huge increase in US oil production offsets disruption to supply from places such as Libya, according to BP. Christof Rühl, group chief economist, said the world had seen a cumulative 3m barrels a day of supply disruption since the start of the 2011 Arab uprising but that had been “cancelled out” by a similar extra amount of US production.
“There has been an almost perfect match between outages in north Africa and elsewhere and US production growth,” he said. The equilibrium had created an “eerie quiet” in global oil markets………………………………………..Full Article: Source


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