Un­prece­dented oil glut set to re­main

Weekend Argus (Saturday Edition) - - PEOPLE -

LON­DON: The world is awash with oil af­ter hav­ing built record stock­piles in re­cent months and slow­ing de­mand growth com­bined with re­silient non- Opec sup­ply could worsen the glut well into next year, the In­ter­na­tional En­ergy Agency ( IEA) said yes­ter­day.

“Stock­piles of oil at a record three bil­lion bar­rels are pro­vid­ing world mar­kets with a de­gree of com­fort,” the IEA said in a monthly re­port, adding brim­ming stocks of­fer an un­prece­dented buf­fer against geopo­lit­i­cal shocks or un­ex­pected sup­ply dis­rup­tions.

Oil prices have more than halved in the past 18 months with sup­ply bol­stered by US shale oil out­put and Opec’s re­fusal to cede mar­ket share.

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