24.11.2015 - Is the market really flooded with surplus oil?
Nearly three billion barrels of crude petroleum and refined products are being stored by oil firms in the advanced economies according to the International Energy Agency (IEA). Commentators have seized on the three billion figure as a shorthand way to convey how oversupplied the oil market has become. Large round numbers exert a powerful pull on the imagination but shorn of context they are meaningless and apt to confuse rather than illuminate. The statistic is technically accurate but the way in which it is being employed by analysts and journalists is hugely misleading. It would be more helpful to report the change, which is 240 million barrels, or nine per cent, over the last year...............................................Full Article: Source
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