Oil Market May Face Inventory Crunch
Higher, more volatile oil prices will loom this winter if OPEC refuses to boost crude production as major importing countries head into the peak heating oil season, an industry report warned.
A decrease last month in crude exports from Iraq has squeezed supplies and contributed to a dwindling of U.S. inventories. Global demand, meanwhile, is forecast to rise by a robust 1.6 million barrels a day in the fourth quarter, the International Energy Agency said in its monthly oil market report.
Markets face a challenge similar to that in 1999, when a plunge in oil inventories paved the way for a spike in prices and extreme instability, it said.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
