International Energy Agency sees world oil market 'adequately supplied'
Updated : October 12, 2018 01:40 PM IST
The International Energy Agency said in its monthly report that the world's spare oil production capacity was already down to only 2 percent of global demand, with further reductions likely to come.
"This strain could be with us for some time and it will likely be accompanied by higher prices, however much we regret them and their potential negative impact on the global economy," the Paris-based IEA said.
Members of the Organization of the Petroleum Exporting Countries and other exporters such as Russia and US shale producers had increased oil production sharply since May, the IEA said, raising output by 1.4 million barrels per day (bpd).