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Oil price recovery hampered by over-supply?

Stefano F. Fugazzi (ABC Economics) – Although oil prices regained momentum in recent weeks (+60% since late January), the global over-supply of oil worsened in March.

According to a recent report by the US Energy Information Administration (EIA), the net supply increased to 1.45 million barrels per day (please refer to the Labirinth Consulting infographics shown below).

Compared to February, the surplus increased 270,000 barrels per day. A number of analysts, incl. Art Berman, a geological consultant with thirty-seven years of experience in petroleum exploration and production, “that’s a bad sign for the durable price recovery that some believe is already underway.”

oil

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