Global oil glut set to last at least until mid-2017: IEA

A global oil glut that has hurt producers but means cheaper pump prices for consumers looks set to go on at least six months longer than previously thought, the International Energy Agency said today.
The IEA said demand growth was slowing while supply was rising, meaning the glut was now due to go on "at least through the first half of next year". The Paris-based body had earlier seen the oil glut disappearing in the latter part of 2016.