There’s nothing shocking in the steady build of crude oil inventory levels and those waiting for the market to balance out should be patient, the IEA said. The Organization of Petroleum Exporting Countries started implementing a production deal in January that aimed to correct a market characterized by oversupply. Despite the cap on production, crude oil stockpiles in the world’s leading economies continue to build up, suggesting some pressures from the glut remain. A report from the International Energy Agency stated the buildup in the level of unabsorbed crude oil should not be surprising considering OPEC members were increasing their production “relentlessly” before the deal was reached in November. “Export volumes are still appearing in storage around the world and, as part of this, U.S. stocks are building,” the IEA’s report read. For the United States, the world’s leading economy, it’s seen a “triple surge” […]

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