The oil market inflection point may be earlier than expected.

The stone of U.S. shale oil production is a culprit present oil companies compete for market share in World War ii.

Last year, the global oil price collapse led to excess. However, some industry insiders believe that the oil market inflection point may be better than market expectations of more early time points.

Glencore (Glencore) chairman and chief executive of Genel Tang Xihua (Tony Hayward) particularly optimistic about the oil market. Although he believes that the current market oversupply may take one or two years to complete digestion, but he expects oil prices move to cut capital spending rose oil future market has laid a good foundation.

Tang Xihua said the United States is the collapse of the supply chain. He was held in Switzerland Lausanne "Financial Times" commodities (FT Commodities Summit) summit said, USA shale oil production is currently the oil companies compete for market share arch-criminal war, but the shale oil production is expected this month will go flat, next month will appear for the first time to reduce four and a half years. He also pointed out that, due to the activities of decline, this decline faster than expected.

Standard Chartered Bank (Standard Chartered) head of commodities Paul Horsnell, global oil production has almost no idle capacity, any small supply disruptions are likely to lead to market quickly reversed direction. He said, at present, the idle capacity only accounted for less than 2% of the total global oil production.

Horsnell said, has never been a serious excess supply, since the first half of the global oil supply surplus of only 1%, this situation will end, in July, with September approaching, the crude oil market will be in short supply.

But some people are not so optimistic. They expect the next period of time, oil production will exceed demand. Most market observers estimated the excess supply of crude oil, 1000000 -200 million barrels of oil to be filled and the global. They believe that the decline in oil production speed is not fast enough, not enough to reverse the decline in oil prices quickly.