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Energy

Oil Glut Is Fading Where You Would Least Expect: Saudi Arabia

(Bloomberg) - Saudi Arabia, a country nearly synonymous with plentiful crude supplies, is offering one of the strongest signs yet that the glut that has plagued the oil market since 2014 is coming to an end.

Despite near record production, the kingdom’s oil inventories have declined for six consecutive months, the longest stretch since the Joint Organisations Data Initiative started tracking Saudi supply levels nearly 15 years ago.

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Energy

Germany Imposes Limits on Fracking

BERLIN/FRANKFURT, June 24 (Reuters) - Germany imposed limits on fracking on Friday, dealing a blow to efforts to develop shale gas.
Under legislation passed by its lower house of parliament, fracking will be banned in clay formations, which typically lie between 1,000 and 2,500 metres deep.

Scientific test drilling will be allowed but only with the permission of the relevant state government and under the watch of independent experts.

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