Kuwait Sees Oil Glut of Up to Five Years on Increasing Supply

  • Iraq, Iran increasing production; Libyan output can return
  • Prices may only rise on geopolitical disruptions, supply cuts

Oil markets will continue to be oversupplied for as long as five years as producers in the Middle East ramp up output, according to Mohammed Al-Shatti, Kuwait’s representative to the Organization of Petroleum Exporting Countries.

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