OPEC Prepares To Extend Oil Production Cuts

Wochit Headline News - Friday, 19 May 2017
As OPEC nears the end of their first production cut in eight years, six months have not been enough to cut storage glut caused by years of oversupply. According to global inventory estimates of crude oil, storage tanks are filling back up after oil traders began to empty millions of barrels onto the market in January. But by March, an International Energy Agency report shows that inventories across industrialized nations remained above a five-year average. That inventory build-up has been caused by speculation, as traders began using storage to make quick money between cheat spot-prices for oil and more expensive contracts for future deliveries.

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