COLUMN-Bulging fuel stocks put spotlight on slack oil consumption: Kemp - Reuters

COLUMN-Bulging fuel stocks put spotlight on slack oil consumption: Kemp - Reuters:

Sluggish consumption growth is depressing oil prices even as Saudi Arabia and its allies try to prop up the market by cutting their production.

U.S. refineries have so far this year processed 48 million barrels of crude and other liquids, less than at the same point in 2018, according to an analysis of weekly data from the U.S. Energy Information Administration.

Gross inputs into refineries have averaged 16.90 million barrels per day (bpd) compared with 17.15 million bpd in 2018 (“Weekly petroleum status report”, EIA, July 17).