A slowdown in the world economy and high production in OPEC countries means that the current oversupply in the oil market is expected to continue into next year, projects the International Energy Agency, setting the stage for more problems in the oil market in its latest monthly report.
The gloomy outlook is partly due to the fact that IEA expects that the demand for oil will decline as businesses and consumers become accustomed to the lower prices. Iran is also anticipated to increase its output significantly when the sanctions against the country are lifted.
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