Expectations that the global glut of oil production would start drying up later this year have been dashed with a sudden collapse in demand coming at a time when supply is still expanding, the International Energy Agency says.
The IEA's keenly-observed monthly Oil Market Report found oil demand growth slumped from a robust 1.4 million barrel per day (mb/d) in the second quarter to a two-year low of 0.8 mb/d in the third.