There is a vast discrepancy between estimated global oil inventories and the actual observed levels of global oil stocks. Estimates from the International Energy Agency (IEA) showed last week that 200 million barrels of oil were unaccounted for based on its inventory calculations and observed global stockpiles.
Per a Bloomberg report, the IEA has calculated that, based on certain supply and demand assumptions, global oil stocks last year should have declined by 400 million barrels. Instead, they declined by 600 million barrels. A total…How The IEA Lost 200 Million Oil Barrels
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