Halfway into 2017's oil supply cut, Asia remains awash with fuel

Singapore

HALFWAY into an Opec-led oil supply cut, Asia remains awash with fuel in a sign that the group's efforts to rein in a global glut have so far had little effect.

The Organization of the Petroleum Exporting Countries (Opec) and other suppliers including Russia have pledged to cut production by almost 1.8 million barrels per day (bpd) during the first half of this year to rein in oversupply and prop up prices.

Yet almost three months into the announced cuts, oil flows to Asia…