Inside Report (3)

Oil glut? What oil glut? Some oil experts wince when they see the term "glut" in US papers. The newspapers are talking about a current surplus of about 2 million barrels of oil a day in world markets. Prices have skidded because of the surplus supply.

But it's still a far cry from the 6-million-barrel-a-day surplus in 1978. Today's "glut" could look like a drop in the barrel if there were new turmoil in a major oil producing area.m