At the International energy Agency can’t see where the “share” of 800 thousand barrels of “extra” oil. If you don’t find that the prices can recover much faster than anticipated.
Oil prices can recover much faster than previously expected, writes The Wall Street Journal. The reason for this is that the excess supply on the world market of raw materials, which were established and held at a record-low oil prices, could be the result of statistical errors of the International energy Agency (IEA).
“According to IEA estimates, in 2015 the market every day were exported 1.9 million barrels of oil more than it was demanded. From this raw material 770 thousand barrels received into storage, and about 300 thousand barrels in the same time, transported via pipelines or on tankers. Remains unaccounted about 800 thousand barrels of oil per day”, — writes the edition.
The answer to the question, where are these “missing” barrels of oil is the key for the oil industry. The majority of experts surveyed by the WSJ believe that these missing barrels are not physically exist.
“If so, the excess supply that has lowered prices to a ten year low, it may be much less than expected and prices might recover quickly, as the IEA reports of excess supply have considerable influence on the formation of oil prices” — sums up the publication.