Oil rig in the north sea
THE PRICE of Brent Crude took another dip yesterday, closing down 2.2 per cent to $44.7. Since peaking above $50 in early July it has steadily decreased and it has now emerged that global demands may not be as high as predicted over the remainder of the year, leaving a huge overhang that could take two to three years to clear.
Vitol chief executive Ian Taylor told The Times: “There are probably 500 million to 600 million barrels in the system. We’re no longer sure that’s going to clear this year.”
Mr Taylor added that claims global crude could rise by nearly two million barrels a day were “ridiculous”.
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