The roaring oil boom of the last few months may be on its last legs as economic growth slows hard across the world and a clutch new refineries come into operation, Lehman Brothers has warned in a hard-hitting report.
The Bright Artemis, a 146,463-ton Singaporean-registered oil tanker
The build-up in supply is taking place at a time of cooling demand
“Supply is outpacing demand growth,” said Michael Waldron, the US bank’s oil strategist.
“Inventories have been building since the beginning of the year. We have pretty significant projects starting soon in Saudi Arabia, and large off-shore fields in Nigeria,” he said.
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