OPEC Says Oil-Inventory Glut Is Biggest in at Least a Decade
- Surplus in developed economies exceeds level of 2009 crisis
- Slowing non-OPEC supply may help `alleviate the overhang'
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Surplus oil inventories are at the highest level in at least a decade because of increased global production, according to the Organization of Petroleum Exporting Countries.
Stockpiles in developed economies are 210 million barrels higher than their five-year average, exceeding the glut that accumulated in early 2009 after the financial crisis, the organization said in a report. Slowing non-OPEC supply and rising demand for winter fuels could “help alleviate the current overhang,” enabling a recovery in prices, it said. The group’s own production slipped last month because of lower output in Iraq.