Make the most of abundant oil because by the end of the year the world may be consuming more than it pumps.
The global crude market will shift into a deepening deficit in the fourth quarter amid a draw-down in U.S. stockpiles, according to Standard Chartered Plc. While Qatar’s former oil minister says there’s currently a surplus of 2 million barrels a day, Sanford C. Bernstein Ltd. sees demand outpacing supply by 1.5 million a day by the fourth quarter.
Oil has recovered more than 40 per cent since January on signs that a slowdown in U.S. drilling will alleviate the glut that drove prices to the lowest in six years. U.S. crude inventories probably shrank for a fourth week through May 22 after surging to the highest in 85 years, a Bloomberg survey showed.
“By the second half of this year we will go from being oversupplied to being…
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