The Oil Industry Got Together and Agreed Things May Never Get Better
Thousands of industry participants gathered in London for their annual get-together, only to find a world awash in crude and hardly a life jacket in sight.
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The thousands of attendees seeking reasons for optimism didn’t find them at the annual International Petroleum Week. Instead they were greeted by a cacophony of voices from some of the largest oil producers, refiners and traders delivering the same message:
There are few reasons for optimism. The world is awash with oil. The market is overwhelmingly bearish.