Shale Giant Diamondback Says Threat of Oil Glut Is Receding

Diamondback Energy Inc. believes the threat of a global oil glut is receding due to resilient energy demand. This contradicts earlier warnings from organizations like the International Energy Agency and trading houses like Trafigura Group, who had predicted a significant oversupply and a drop in crude prices. The Permian Basin driller’s assessment suggests a more stable outlook for oil prices Than previously anticipated.