Oil Glut Is a Boon to Shippers, as Buyers Stock Up at Low Prices(NYT)

What’s happening with prices and distribution is a new chapter in the history of the oil industry. As with most products, the price of oil is based on supply and demand. But rather than any big slump in demand, the plunge in oil prices in the last year is more a result of a growing world supply — mainly from higher output in the United States and OPEC’s reluctance to cut production.

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