Is A Crude Glut Looming?

Crude oil supply in the world exceeded demand by 900,000 bpd in the first half of the year, the International Energy Agency said in its latest monthly Oil Market Report, adding that forecasts had pointed to a deficit of half a million barrels daily. What’s more, the authority said the overhang will extend into the second half of the year as well: “This surplus adds to the huge stock builds seen in the second half of 2018 when oil production surged just as demand growth started to falter,” The IEA said. “Clearly, market…