Oil markets may drown in oversupply and prices could go even lower, says IEA | The National:
"The International Energy Agency expects the oil glut to worsen this year before it gets better.
Though the full return of Iran to the oil market has been expected since last year when a deal was agreed in principle, the actual lifting of sanctions this week after it complied with terms of the agreement has added to the broader market gloom, the Paris-based watchdog for rich energy-consuming countries said in its latest report.
“Iran’s return to the oil market confirms what has been inevitable for six months,” the IEA said. “There are considerable uncertainties around the quality and quantity of oil that Iran can offer to the market in the short term and the not inconsiderable challenge of finding buyers willing to take more oil into an already glutted market,” the IEA argues."
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