A warning from the International Energy Agency that a global oil glut is growing. It comes in the West’s energy watchdog’s monthly report which says that although higher-than-expected oil demand was helping to ease the glut growth in global oil consumption was far from spectacular.
The report points to the fact OPEC kingpin Saudi Arabia is pumping close to record highs in an attempt to win a market-share battle against US shale production.
Global oil production exceeds demand by around two million barrels per day which analysts say could make the recent rally in oil prices unsustainable.
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