Rex Tillerson, CEO of Exxon, predicts winter won’t be enough to cut into heating oil inventories. (image: celsias.com)

Bloomberg reported on Friday that Exxon CEO Rex Tillerson doesn’t believe the upcoming cold winter months will have much of an impact on the glut of oil and refined products, including heating oil, currently held in the world’s stockpiles. However, oil supplies could be reduced, he said, through an economic recovery that provides increased demand for passenger, diesel, and power generation fuels. As reported here previously on HeatingOil.com, plenty of sources have suggested that the price of oil may be too high and does not reflect the current supply and demand situation. After all, a large supply and a little demand should push prices downward; instead, financial factors and economic optimism have led the price of oil towards the $80 per barrel mark.