Predictions of an oil glut have dominated oil market reporting for months. Bloomberg this week suggested the first signs of oversupply may be emerging already, with several million barrels of Middle Eastern oil left unsold in the latest spot market cycle. Yet some analysts disagree that there is a danger of a glut—winter is coming and so is stocking up for heating season. Somewhere between 6 million barrels and 12 million barrels of crude produced in the Middle East did not find buyers in the last spot market cycle, with deliveries for November,…
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