The Biggest Oil Supply Mystery in Decades – 289 Million Barrels Vanished

Excess oil supply has been the global energy market’s biggest nightmare for nearly two years now.
From June 2014 to January 2016, worldwide oil output increased from 92.6 million barrels per day to 96.5 million, while oil prices fell more than 60%. In the United States alone, total oil inventories currently sit at 532.5 million barrels – the highest level in more than 80 years.
But a recent report from one of the world’s leading energy agencies shows a 289 million barrel discrepancy in last year’s oil supply data.
That’s right, nearly 300 million barrels are missing.
And it demonstrates how this imperfect process of measuring supply can severely manipulate crude oil prices…

This post was published at Wall Street Examiner on March 25, 2016.