Published: June 15, 2016 |

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The global oil glut could take over a year to dry up, disappointing those thinking higher oil prices could signal the end of the industry’s woe, experts say.

BP PLC chief economist Spencer Dale said oil prices are unlikely to rise significantly any time soon because the world still has substantial stockpiles.

There could be a surplus of about 700 million barrels of crude around the world, with half in ships and storage tanks in Western countries, and the rest in emerging economies such as China.

He believes it would take 18 months or more to make major inroads into the surplus.

Overnight, West Texas Intermediate fell 1.3 percent to US$50.56 a barrel.

Source: (June 10, 2016) Proactive Investors

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