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Increased demand for oil refineries will absorb the oil glut that’s currently drowning the market, according to the International Energy Agency.
That’s good news for the oil industry, which has been struggling lately as a surprise spike in supply, mixed with seasonal maintenance, sent tremors through the markets. The IEA says refiners are set to process record volumes of crude this quarter with intake rebounds that will shrink overflowing crude stockpiles, even while Saudi Arabia, Kuwait and the United Arab Emirates continue to pump at all-time highs, Bloomberg reports.
The IEA is confident a rebounding demand will lead the way to a prolonged tightening of the crude oil balance. [Bloomberg]
