The global oil glut will probably persist until at least next summer, Ruehl says.
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The global oil glut will probably persist until at least next summer as markets take time to absorb excess crude in storage, according to the head of research at the world's second-largest sovereign wealth fund. Supply and demand for oil are coming back into balance, and the response of shale producers to rising prices will help determine how high crude can go, Christof Ruehl, the global head of research at Abu Dhabi Investment Authority, said Wednesday in an interview in Dubai. Ruehl's view that the rebalancing will take until at least the middle of 2017 contrasts with the more optimistic outlook of some industry leaders and analysts who foresee demand nearing supply by the end of this year.
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