Does The Market Need Another Production Cut Deal?

It doesn’t feel that long ago that global oil traders were concerned about rising demand and supply scarcity. The story went something like this- the world was losing barrels as supplies from Iran, Libya and Venezuela grew scarce and Saudi Arabia and Russia didn’t have the spare capacity to keep pace with global demand growth. Traders bought $100 call options and economists began sounding the alarm bell that high gasoline prices were about to eat into consumers health Two months later the global oil trade is hardly recognizable. Nearly…