There are so many opinions on the date of oil market “rebalancing” that it is hard to remember that “balanced” is a very fuzzy concept. Does it mean production matches consumption, i.e., no change in inventories? Inventories that have reached the same level as the five-year average? In barrels or days of consumption? Days of recent consumption or expected future consumption?
Which ignores the fact that the majority of inventories are not even measured or reported in a reliable way, since OECD consumption dropped below half of global consumption in 2013, and most non-OECD countries do not report inventory levels.
