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Oil's new ascent

If there is one lesson from the 2014-16 oil price crash - other than the failure of the industry to see it coming - it is that very little oversupply was needed for the price of Brent crude to fall 77 per cent. At its worst, producers were only pumping an extra 2m barrels of oil equivalent per day, roughly the same as ExxonMobil 's (US:XOM) crude production, or just over 2 per cent of global output. Were a similar-sized deficit to emerge, it would not be far-fetched to expect the reverse and for oil companies to once again find themselves in long-abandoned bull territory.

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By Alex Newman,
09 December 2016

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