World's Top Oil Traders Don't Expect Recovery Any Time Soon
- Brimming stockpiles will continue to weaken market, Vitol says
- Gunvor sees Iran's return keeping a lid on prices next year
OPEC, Saudi Arabia and the Geopolitics of Oil
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The world’s largest independent oil traders said supplies will overwhelm demand into next year and prices may not rally until 2017, painting a gloomy outlook for energy-rich nations as OPEC gathers to discuss output policy.
Their market view indicates that the 12-member group -- and the oil industry as a whole -- will have to endure a much longer slump than the downturn that followed the 2008 financial crisis, when prices recovered within a year.