Floating Oil Storage Seen Exhausted By 2Q ’11 -BP Economist…
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LONDON -(Dow Jones)- Floating storage of crude oil and oil products is likely to be completely exhausted by the second quarter of 2011, said BP PLC’s (BP) Chief Economist Christof Ruehl Wednesday.
Almost 1.4 million barrels of oil and oil products was being stored in ships at the start of 2010 following the demand slump during the 2009 recession, Ruehl said at the Oil Council conference in London. This amount has run down steadily this year as demand has recovered but oil production has remained steady, he said.
Onshore oil inventories in Organization for Economic Cooperation and Development countries remain at record levels, providing a buffer against rising demand even if global oil production remains steady, he added.
-By James Herron, Dow Jones Newswires; 44 20 7842 9317; James.Herron@dowjones.com
Floating Oil Storage Seen Exhausted By 2Q ’11 -BP Economist – Investing – Dow Jones Newswire – SmartMoney.com http://www.smartmoney.com/news/on/?story=on-20101124-000312#ixzz16Cvmb21Q
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