The surplus of oil accumulated during the pandemic is almost exhausted

According to Bloomberg, the excess oil generated during the pandemic is almost exhausted, citing data from economists from Citigroup and the International Energy Agency.

According to the IEA, in February, less than a fifth of the accumulated volumes remained in storage. Raw materials are only available in China, which has saved them for new refineries, the material adds.

Economists note that the new rebalancing of the global market and the growing demand for fuel from the recovering global economy have already led to a rise in the oil price to $ 67 per barrel.

On Friday, the price of June futures for Brent products on the London ICE exchange rose to $ 67.08 per barrel. Bloomberg does not rule out an increase in the price to $ 74.

Earlier, the IEA improved its forecast for the growth of demand for hydrocarbons.

Author: Steve Cowan
Graduated From Princeton University. He has been at the Free Press since October 2014. Previously worked as a regional entertainment editor.
Function: Chief-Editor
E-mail: Great7news@gmail.com