Oil Market Snapshots — Will oil supply glut continue, what will happen with oil prices?

Thursday, May 26, 2016
By Paul Martin

By David Haggit
TheGreatRecession.info
May 25, 2016

Here are several quick looks at the oil supply glut and whether it is likely to worsen, hold the same, or improve during the summer of 2016.

First, a picture of the cost of the oil supply glut

This snapshot of a major oil company epitomizes what is happening in most oil companies, big and small:

Shell’s job losses are about to match Facebook’s total payroll. Royal Dutch Shell just announced it will eliminate another 2,200 jobs, mostly due to the oil glut price crisis. This will bring Shell’s total job losses by the end of 2016 to 12,500 people who have been terminated.

“These are tough times for our industry,” Paul Goodfellow, Shell’s VP in the UK and Ireland, said in a statement. “We have to take further difficult decisions to ensure Shell remains competitive through the current prolonged downturn.” (Oilprice.com)

The Rest…HERE

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