OIL MARKET COULD DROWN
The oil market "could drown in oversupply" as Iran's return offsets production cuts, paving the way for a further slide in prices, the world's leading energy forecaster said on Tuesday.
In a stark assessment of the oil market, the International Energy Agency warned of an oil overhang of at least 1m barrels a day for a third consecutive year in 2016.
"There will be enormous strain on the ability of the oil system to absorb it efficiently," the wealthy nations' energy watchdog said in its closely watched monthly oil market report.
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