OPEC Oil Data Show 3 Million-Barrel Shortfall on Saudi Supply Squeeze
Bloomberg: OPEC Oil Data Show 3 Million-Barrel Shortfall on Saudi Supply Squeeze
Global oil markets face a supply shortfall of more than 3 million barrels a day next quarter — potentially the biggest deficit in more than a decade — as Saudi Arabia extends its production cuts.
The latest data published by OPEC show why the kingdom’s supply squeeze, amid a period of record demand, has sent oil prices surging beyond $90 a barrel in London. Riyadh announced last week it will extend an extra 1 million-barrel-a-day output reduction until the end of the year, even though markets are already tightening.
World oil inventories, having depleted sharply this quarter, are set for an even steeper drop of roughly 3.3 million barrels a day in the next three months, forecasts published in a report from the Organization of Petroleum Exporting Countries indicated on Tuesday.
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Update: Oil sprints higher as OPEC report reveals Saudi Arabia cuts further (FXStreet)
WNU Editor: Pray for a warm winter.
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