Inventories Prove Resistant To Opec Cuts

摘要

Opec producers have been working hard to cut output,but so far their efforts have had little effect on reducing inventories.With demand deteriorating rapidly,OECD commercial oil stocks ended January some 45 million barrels higher than four months ago and 69 million bbl higher than in January 2008,PIW calculations show.Another 70 million bbl have been amassed recently in floating storage,mostly in very large crude carriers(VLCCs),and some market watchers believe there are a further 25 million bbl tucked away in commercial storage facilities.