IEA Raises Estimate of Surplus Oil Supply on Higher OPEC OutputBy
Excess seen at 1.75 million barrels a day in the first half
Iranian output recovers after sanctions; Iraq pumps at record
The global oil surplus will be bigger than previously estimated in the first half, increasing the risk of further price losses, as OPEC members Iran and Iraq bolster production while demand growth slows, according to the International Energy Agency.
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