While analysts and industry officials hail the tightening of the oil market and the rebalancing of supply and demand, the huge build of global stocks last year poses the question of what happened to all those barrels of oil accumulated during the COVID-19 shock to demand. The ‘missing oil barrels’ may be distorting the analysts’ view of how balanced the market really is, Jinjoo Lee of The Wall Street Journal argues. The ‘missing barrels’ issue tends to resurface on the oil market when there is a large distortion of…
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