Dana Gas CEO: ‘Latent Capacity’ in Global Oil Supply Almost 1 billion barrels of oil held in inventories must be used up before global supply and demand are closer to balance, Dana Gas PJSJ Chief Executive Officer Patrick Allman-Ward said. “We still have a significant global storage of oil, close to a billion barrels,” Allman-Ward said Tuesday in a Bloomberg TV interview with Francine Lacqua at the World Economic Forum in Davos, Switzerland. Dana Gas, based in the United Arab Emirates, explores for and produces natural gas in the Middle East. Gas is often sold at prices linked to crude oil. The Organization of Petroleum Exporting Countries and 11 other producers, including Russia, agreed to cut output by a collective 1.8 million barrels a day to remove a surplus that had kept crude prices languishing at about $50 a barrel for […]