Kaplan says oil still over-produced
Dallas Fed President Kaplan has talked about oil oversupply in the past and reiterated that more crude is being pumped than burned. He said there is a million bpd of extra production right now but also said that supply will fall through the remainder of the year and the market will come into balance in Q1.
Looking further out, he said it wouldn't be surprising to see an under-supply of oil in 3-5 years.
More:
- US GDP will rise about 2% this year
- Household sector is in good shape
- Should raise rates 'in not too distant future'
- There's evidence nearing Fed's 2% goal
- We want to normalize rates
- Fed will be cautious, patient
