Speculation that nations are stockpiling oil at the fastest rate in 14 years is fanning expectations for Brent crude to drop below $100 a barrel.
OPEC pumped 2.1 million barrels a day more than projected demand in April through June, the biggest overproduction for any quarter since 1998, the International Energy Agency estimates. The increase has been overshadowed by focus on U.S.-led sanctions against Iran’s oil exports, Citigroup Inc. said. Brent will fall to $93 by September and $83 by year-end, according to the Centre for Global Energy Studies.
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