The latest data compiled by the International Energy Agency show that the world’s oil supply glut will only get worse. “It’s an incredibly interesting chapter of the book we might have just opened,” Matt Parry, senior oil analyst at the IEA told MarketWatch in an email, referring to the IEA’s monthly oil report.
The report from the Paris-based agency, released early Wednesday, said there is a global battle for market share between the members of the Organization of the Petroleum Exporting Countries and non-OPEC oil producers. Output from both groups shows no sign of a slowdown despite an oversupply of crude oil in the world market that’s contributed to a plunge in prices from a peak around $106 a barrel last summer.
