Inventory clearing: A contractor works on a crude oil pipeline at the US Department of Energy’s Bryan Mound Strategic Petroleum Reserve in Freeport, Texas. Stockpiles in the US east coast have fallen to their lowest in 30 years. ─ Bloomberg
NEW YORK: The unprecedented oil inventory glut that amassed during the coronavirus pandemic is almost gone, underpinning a price recovery that’s rescuing producers but vexing consumers.
Barely a fifth of the surplus that flooded into the storage tanks of developed economies when oil demand crashed last year remained as of February, according to the International Energy Agency (IEA). Since then, the lingering remnants have been whittled away as supplies hoarded at sea plunge and a key depot in South Africa is depleted.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
