EFTA Document EFTA01459655

CIO View Special Anon n l robruary 2016 1. What is happening in the oil market? Start with the basics. Global oil supply exceeds current consumption demand by about 1.5m barrels per day (b/d). Mostly, this reflects years of rising production, particularly by U.S. shale producers. Much of this boom was financed with debt, made easier by years of quantitative easing (OE) by the U.S. Federal Reserve (Fed). Consumption has been growing too, but not as much. As a result, inventories are well