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Analysis - Full tanks and tankers: a stubborn oil glut despite OPEC cuts

Reuters  |  NEW YORK/LONDON/SINGAPORE 

By Catherine NgaiNEW YORK/LONDON/SINGAPORE (Reuters) - After the first OPEC oil production cut in eight years took effect in January, oil traders from Houston to Singapore started emptying millions of barrels of crude from storage tanks. Investors hailed the drawdowns as the beginning of the end of a two-year supply glut - raising hopes for steadily rising per-barrel prices. It hasn't worked out that way.Now, many of those same storage tanks are filling back up or draining more slowly than investors and oil firms had expected, according to global inventory estimates and more than a dozen oil ...

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First Published: Fri, May 19 2017. 10:34 IST
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