Trafigura Warns of “Super Glut” as Oil Supply Surges
Market Intelligence Analysis
AI-PoweredTrafigura's chief economist warns of a 'super glut' in the oil market next year due to increased supply and weak global demand, which could further depress crude prices.
Market impact analysis based on bearish sentiment with 80% confidence.
Article Context
Echoing what has become a now daily refrain by commodity bears everywhere, Saad Rahim, chief economist of commodity-trading giant, Trafigura, said that the oil market faces a “super glut” next year as a burst of new supply collides with weakness in the global economy. According to Rahim, new drilling projects and slowing demand growth would weigh further on already depressed crude prices next year. “Whether it’s a glut, or a super glut, it’s hard to get away from that,” Rahim said in remarks alongside the company’s…
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