RE:Remember OPECNatural global oil field depleation is 5% per yr. The world needs between 7 and 8 million bpd of new oil production to offest decline and growing demand.Inventories are dropping.Rig counts are dropping and oil prices are climbing .All this data points to the fact that there is no oil glut and a major oil shortage is in the making by 2016.
This simgle event is flashing an oil supply cisis warning is in 2016:
U.S. crude stocks fell 6.7 million barrels to 473.1 million last week, API data showed, compared with analysts' expectations for a 1.72 million barrel drop.