Running Out of Time to Reduce Stockpiles in 2017, Statoil Says
- Oil prices will recover but unclear when, says chief economist
- OPEC cuts unlikely to correct market under current conditions
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The oil market is running out of time for crude inventories to show a significant drop in 2017, according to Statoil ASA’s chief economist.
When it comes, though, the correction "will be relatively rapid," said Eirik Waerness in an interview at Bloomberg headquarters in New York.