An oil pump jack is shown in a field on June 27, 2024 in Stanton, Texas.
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SINGAPORE — Global markets are severely overplaying an oil supply glut, said Jeff Currie, chief strategy officer of energy pathways at private equity giant Carlyle.
Concerns about a supply glut in the markets are “completely overplayed,” Currie said at the annual Asia Pacific Petroleum Conference in Singapore, attributing it to excessive pessimism about Chinese demand amid flat U.S. crude oil production.
U.S. crude prices hit their lowest last week since June 2023 as demand from the world’s largest crude importer, China, stays tepid amid a perceivably oversupplied market.
The key issue there is, the market is dramatically overestimating that flood.
Jeff Currie
chief strategy officer of energy pathways at Carlyle
“[China’s] weaknesses in demand are being deeply exaggerated by base effects and by destocking,” he said at APPEC. China’s crude oil imports in 2023 had notched a record high.
“There’s the transition component, which is moving trucks …