Oil Falls to Lowest Since 2008 as OPEC Seen Fueling Supply Glut
- IEA sees global oil oversupply lasting until late 2016
- Iraq led OPEC production to three-year high in November
A Topsy-Turvy Year for Crude Oil Spreads
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Oil declined to the lowest level since 2008 in London amid estimates that OPEC’s decision to scrap production limits will keep the market oversupplied.
Brent futures capped the biggest weekly decline in more than a year. The global surplus will persist at least until late 2016 as demand growth slows and the Organization of Petroleum Exporting Countries shows “renewed determination” to maximize production, the International Energy Agency said Friday. The group chose not to curb output at its Dec. 4 meeting.