- International Energy Agency (IEA) data: global oil supply has exceeded demand for the past five quarters
Market news
17 June 2015
International Energy Agency (IEA) data: global oil supply has exceeded demand for the past five quarters
According to International Energy Agency (IEA) data, global oil supply has exceeded demand for the past five quarters, the most enduring oil glut since the 1997 Asian economic crisis. If Saudi Arabia will keep its oil production at current level, it would become the longest surplus since 1985.
OPEC produced 31.3 million barrels a day in May, according to an IEA June report.
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