IEA Warns of Larger Oil Glut Than Expected ...Middle East

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IEA Warns of Larger Oil Glut Than Expected
source : OILPRICE ( Middle East ) () 45
Amid soaring supply and subdued demand, the expected global oil oversupply will be larger than previously anticipated, the International Energy Agency (IEA) said on Tuesday.  In its monthly report, the agency today trimmed its oil demand growth estimate for this year and next and hiked the expected supply growth, which will result in a record supply overhang. Global oil stocks are already soaring, especially oil stockpiled in tankers on water, the IEA warned.  The IEA revised down its estimate of global oil demand growth to 700,000 barrels…

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