“There is some oversupply in the market,” Mohammad Ali Khatibi told Reuters in a telephone interview. “But it cannot damage the market. It can be absorbed into stocks.”
Storage levels have fallen over winter, but remains slightly above-average. Currently, forward cover in developed countries is at 58.1 days. The oil glut coming from floating storage is also decreasing – in January floating storage declined by 20%.
Source: Reuters
Source: Taiwan News
