A global oil glut that has hurt producers but means cheaper pump prices for consumers looks set to go on at least six months longer than previously thought, the International Energy Agency said on Tuesday.
The global glut in oil is refusing to ease and acts as a major dampener on crude prices despite robust demand growth and steep declines in non-Opec production, the International Energy Agency said on Wednesday.
Opec said the global oil market is oversupplied and signalled the glut may increase this year, as surging output from its members makes up for losses from other countries whose production has been hit by a price fall.
A global oil glut that has sent prices tumbling is set to "shrink dramatically" later this year, as wildfires have disrupted Canada's output and demand in India soars, the International Energy Agency (IEA) said.
Oil prices tumbled on Monday after a meeting by major exporters in Qatar collapsed without an agreement to freeze output, leaving the credibility of the OPEC producer cartel in tatters and the world awash with unwanted fuel.
