- Title: Storage tanks bloated, oil's worst H1 in 20 yrs?
- Date: 23rd June 2017
- Summary: LONDON, ENGLAND, UK (JUNE 23, 2017) (REUTERS) (SOUNDBITE) (English) CHARLES STANLEY DIRECTOR OF PRIVATE CLIENT RESEARCH, JEREMY BATSTONE-CARR, SAYING: "As ever the financial markets like to see the performance of the crude oil price in terms of supply. They raise questions over the durability of an OPEC and non OPEC oil producing cartel's capacity to push through quota reductions. But I think there is the other side to this as well and that is the demand side which raises big questions as to whether the global economy is in actual fact growing or whether it is subsiding."
- Embargoed: 7th July 2017 11:20
- Keywords: Oil Shell BP Jeremy Batstone-Carr Charles Stanley petrol OPEC
- Location: LONDON, ENGLAND, UK / UNKNOWN LOCATIONS
- City: LONDON, ENGLAND, UK / UNKNOWN LOCATIONS
- Country: Various
- Topics: Commodities Markets,Economic Events
- Reuters ID: LVA0026MI0WWD
- Aspect Ratio: 16:9
- Story Text:Oil prices edged up on Friday (June 23), recovering some of their steep losses made this week, but crude remained on course for its worst first-half decline in almost two decades as production cuts have failed to sufficiently reduce oversupply.
Oil prices have fallen about 20 percent this year despite an effort led by the Organization of the Petroleum Exporting Countries (OPEC) to cut production by 1.8 million barrels per day.
That puts the market on course for its biggest first-half percentage fall since the late 1990s, when rising output and the Asian financial crisis led to sharp price falls.
Thanks to shale drillers, U.S. oil production has risen by over 10 percent in the last year to 9.35 million bpd, close to the level of top exporter Saudi Arabia. - Copyright Holder: REUTERS
- Copyright Notice: (c) Copyright Thomson Reuters 2017. Open For Restrictions - http://about.reuters.com/fulllegal.asp
- Usage Terms/Restrictions: None
