Oil Glut Is Fading Where You Would Least Expect: Saudi Arabia
- Saudi inventories fall for longest running stretch in 15 years
- Kingdom supplying the market with more oil than it’s producing
The Beginning of the End for OPEC?
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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.
Despite near record production, the kingdom’s oil inventories have declined for six consecutive months, the longest stretch since the Joint Organisations Data Initiative started tracking Saudi supply levels nearly 15 years ago.