Morgan Stanley: Oil Is Heading To $70

Oil markets will remain weak until 2017 but should rapidly tighten thereafter; that’s according to analysts at Morgan Stanley who believe that most oil market participants are spending too much time concentrating on the oil markets of the Middle East and the United States when putting forecasts together. Why China Is Really Dictating the Oil Supply Glut While these oil markets are important, Morgan’s analysts highlight that only 45% of the world’s oil supply comes from these two regions with 55% coming from other countries. Thirteen countries account for more than 70% of this non-US/non-Middle Eastern output, and according to Morgan’s…