‘IEA warns oil market could ‘drown in oversupply’

‘IEA warns oil market could ‘drown in oversupply’

The oil market “could drown in oversupply” as a ramp up in Iranian output offsets production cuts elsewhere, threatening a further price collapse, the world’s leading energy forecaster said on Tuesday. In a stark assessment of the challenges facing the global oil industry, the International Energy Agency warned of an overhang of at least 1m…

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