Dana Gas Says 1 Billion Barrels of Oil in Way of Ending Glut
- ‘We’ll need to work that storage away’: Patrick Allman-Ward
- CEO Allman-Ward interviewed at World Economic Forum in Davos
Dana Gas CEO: 'Latent Capacity' in Global Oil Supply
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Almost 1 billion barrels of oil held in inventories must be used up before global supply and demand are closer to balance, Dana Gas PJSJ Chief Executive Officer Patrick Allman-Ward said.
“We still have a significant global storage of oil, close to a billion barrels,” Allman-Ward said Tuesday in a Bloomberg TV interview with Francine Lacqua at the World Economic Forum in Davos, Switzerland. Dana Gas, based in the United Arab Emirates, explores for and produces natural gas in the Middle East. Gas is often sold at prices linked to crude oil.