RE: ‘staggering’ oil glut13 Jun 2024 16:36
And more going to be pumped soon according to the FT article I posted last night, so the problem could get worse over time
https://archive.ph/YVhlr
"The International Energy Agency (IEA) warns of a "staggering" surplus of 8 million barrels per day of excess oil capacity by 2030. This massive oversupply could undermine OPEC+'s efforts to manage crude prices, potentially ushering in an era of lower oil prices. The surplus is driven by continued investment in production by oil companies, led by the US, despite the IEA's forecast of peak oil demand before 2030. For investors in low market cap oil companies, this oversupply scenario could pose significant challenges and potential downside risks to profitability and valuations in the latter part of the decade."