Oil Glut Is Fading Where You Would Least Expect: Saudi Arabia

Oil Glut Is Fading Where You Would Least Expect: Saudi Arabia
Saudi Arabia, a country nearly synonymous with plentiful crude supplies, is offering one of the strongest signs yet that the glut that has plagued the oil market since 2014 is coming to an end.

- With assistance from Wael Mahdi, Julian Lee and Grant Smith. To contact the reporter on this story: Javier Blas in London at jblas3@bloomberg.net To contact the editors responsible for this story: Will Kennedy at wkennedy3@bloomberg.net Dan Stets, Carlos Caminada


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michael mclaughlin  |  June 27, 2016
You have to be sober when looking at SA. The known reserves they have are...well, we are not sure what reserves they do have. They have been pumping for a long time. I believe that SA will wake up and decide that they have been shooting themselves in the foot. How long can they sell crude for less? I guess for awhile more.
Al  |  June 25, 2016
Sure, their oil inventories are declining ... on paper. My guess is that they are trying for a little price manipulation. I say that because, unless I missed something, they have not cut production (in fact, according to them, they are building infrastructure to increase it) and there has been no increase in worldwide demand. Something isn't right.