Oil price could rise to $74 with historic global surplus subsiding ...News

Russia Today - Economy
Oil price could rise to $74 with historic global surplus subsiding
source : Russia Today ( News ) () 7
The oil inventory glut that amassed during the Covid-19 pandemic is almost gone, Bloomberg reported citing industry data. The tightening could further prop up crude prices, according to expert projections. The International Energy Agency (IEA) said that barely a fifth of the surplus that flooded into the storage tanks of developed economies when oil demand crashed last year remained as of February. Oil inventories stood just 57 million barrels above their 2015-2019 average, down from a peak of 249 million in July, the IEA estimates. “Commercial oil inventories across the OECD [Organisation for Economic Co-operation and Development] are

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