Thursday, January 7, 2016

World has enough extra oil to continue 4 days of normal operations. Yes, four days.

Where actually is that much-hyped global oil glut?: "It is misleading to say the world sits on excess stocks of 3 bn barrels of oil, 2.7 bn of which are already needed in both crude and product stocks for a smooth operation of the refining and distribution system. Most of the stock build since mid 2014 seems to be related to US light tight oil which refineries could not accommodate due to their original designs."

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