The world’s big oil exporters pumped more than half a billion barrels more crude than needed in the first nine months of this year, industry data gathered by Reuters and major energy market forecasters show. The Organization of the Petroleum Exporting Countries pumped an average of 31.20 million barrels of oil per day (bpd) between January and September, Reuters estimates show, more than 2 million bpd higher than demand for their oil. That is a total of more than 550 million barrels of crude, all of which needs to be stored somewhere. Core OPEC countries, led by Saudi Arabia, decided almost a year ago to concentrate on building market share rather than defending oil prices, and the result has been a huge oversupply that has pushed the […]