PARIS: Additional cuts by the powerful OPEC group of oil producers and its allies may not be enough to eliminate a glut of crude on the global market, the IEA warned on Thursday.
While Saudi Arabia, OPEC’s largest producer, agreed a further voluntary reduction of 400,000 barrels per day, the International Energy Agency said that most of that cut had already been implemented already. Despite cutting its forecast for growth in oil production outside of the OPEC oil cartel, the IEA said “there could still be a surplus of 0.7” million barrels per day in the global market in the first quarter of next year.