Global inventories could remain oversupplied beyond 2018: IEA
When OPEC and Russia first embarked on their strategy to clear a global oil glut, it was expected to succeed within six months. It now looks like the battle could last for years.
The Organization of Petroleum Exporting Countries and its partners plan to wrap up their production cuts next spring, already nine months later than originally expected. Yet oil prices are faltering again as data from the International Energy Agency show world inventories could remain oversupplied even after the end of 2018. ESAI Energy LLC predicts that, rather than months, draining the surplus may take years…
The Governor’s Energy Office says the price of heating oil in Maine has dropped 20 cents since the end of the heating season in April.
The statewide average cash price for No. 2 heating oil was $1.97 per gallon.
The statewide price of kerosene was also down 20 cents, to $2.52. Propane prices have fallen four cents in the same period and are now down to $2.39 per gallon.
Maine energy officials say the decline in heating prices isn’t just because of summer. They say global crude prices remaining below $50 per barrel also matters…