Where is the GLUT of oil? - Nov 28

[dan_s]

"Despite the increases in crude and products inventories, US inventories remain low, with crude and distillate inventories near the bottom of the 5-year range while gasoline inventories remain below the 5-year range. Cushing inventories are near the minimum operating level (tanks are empty). At a time when many pundits are talking about a major oil surplus, there is nothing bearish about US data." - Anas Alhajji 11-27-2025

Anas Alhajji, a very smart energy sector analyst, is in agreement with OPEC - that the global oil market is NOT over-supplied.

IEA has been telling the world all year that there is going to be a glut of oil very soon, but it is not showing up in the data. IEA implies that the storage tanks for oil and refined products will soon run out of capacity.

Cushing, Oklahoma is home to the largest oil storage facility in the U.S., and it reports that crude oil inventories are less than half full, near the minimum operating level. In a world without propaganda, this fact would push oil prices a lot higher.

IEA was also telling the world that demand for oil would peak by 2030, now they say oil demand will keep going up until at least 2050.

Can we trust IEA or any reports from organizations funded by governments that want low inflation more than anything else?