Are Oil Markets Already Oversupplied?

It appears that oil market oversupply may already be upon us, with demand being hit hard by Omicron and by China cracking down on its independent refiners. Friday, December 17th, 2021 Oversupply has been one of the main talking points in oil markets in recent months, and now it seems that it will soon be upon us. The softening of Asian oil demand, triggered by China’s zero-COVID measures and Beijing’s continued clampdown on independent refiners in Shandong, has curbed the enthusiasm of market bulls while Brent is now flirting…