We have unquestionably had an oversupply of oil for the past couple of years. The price of oil has not been able to recover against massive amounts of oil in storage.
Late in 2016 Century Management believes that supply and demand have finally come into balance. They have reached this conclusion based on movements of OECD inventory levels.
In 2017 Century believes that the market is actually going to slip into a situation where there is a shortage of supply. OPEC agreeing to a production cut will clearly be a key in that.
You can listen to the firm's reasoning for yourself.
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