Oil supply and demand are rebalancing and the market may even have started drawing on the large overhang of crude and product stocks, top industry executives said during opening addresses at S&P Global Platts Asia Pacific Petroleum Conference 2016 in Singapore Tuesday. US shale oil production remained the biggest wild card, they also said. “Supply and demand are near balance, but the balance is precarious,” Andy Milnes, CEO, Integrated Supply & Trading (Eastern Hemisphere), BP, told delegates. The market has been carrying an enormous inventory overhang, but BP believes that starting June/July “we might have started to draw [on stocks],” he said, adding that meant consumption was above supply and has to stay above for a long time for the market to start seeing the affect. Article Continues below… The Industry Leadership Award for Exploration & Production recognizes companies that have improved operational practices in the upstream sector. Nominate […]