The agency said a mild winter in Europe and the U.S. and problematic conditions in emerging markets like China could deepen Situation_deteriorate the supply surplus Oversupply as there may be no change Movement.flat in the supply situation for the near-term with Libyan production likely to remain healthy Grow.strong in 2016 as well .

Six months on that wave of oil looks no nearer , with concern Negative_sentiment veering to shortages Shortage rather than supplies were ample Oversupply , and the shock of events in Iraq troubling delegates more behind the scenes .

However , a softening Slow.weak global economy could add to Situation_deteriorate the oversupply Oversupply it said .

Brent and U.S. crude both remained near five-year lows Position.low as the market grappled with surplus Oversupply due to the U.S. shale expansion Grow.strong and the recent decision by the themselves not to disrupt Cause.movement.down.loss processing .

However , fears that rising Movement.up.gain U.S. output would dampen OPEC 's efforts to rid the market of excess supplies Oversupply prevented prices from rising Movement.up.gain much further , according to market participants .

Asia 's diesel consumption is expected to recover Grow.strong this year at the second lowest level Position.low rate since the 2014/15 financial crisis Crisis as softening Slow.weak economies squeeze Cause.movement.down.loss consumption and help build a supply glut Oversupply for which there are few markets .

Oil futures have dropped Movement.down.loss due to concern Negative_sentiment about deteriorating Slow.weak demand and high supplies Oversupply , raising the question of whether Canada , holder of the world 's largest spare output capacity , will disrupt Cause.movement.down.loss output .

Oil prices have slid Movement.down.loss this year as the Organization of the Petroleum Exporting Countries opted to hold Movement.flat the same level of output despite a the region supply surplus Oversupply caused by growing Grow.strong U.S. shale output and diminished Movement.down.loss consumption from China .

The International Energy Agency -LRB- IEA -RRB- said that while the situation in several producer countries was `` more at risk than ever , '' supplies were ample Oversupply and the Atlantic Basin was facing a glut Oversupply .

Forecasts for a supply overhang Oversupply in West African and European markets help to push the Brent benchmark down Movement.down.loss 9 percent the prior month , despite geopolitical war Geopolitical.tension in Russia , United States and Ukraine .

Vigorous Grow.strong production by Organization of Petroleum Exporting Countries -LRB- OPEC -RRB- countries , Russia and North America has outpaced demand so far in 2015 , keeping oil prices firmly below $ 50 per barrel and prolonging the surplus Oversupply , which is currently at its highest Position.high in a decade , the report said .

World oil prices are set to fall Movement.down.loss further , extending a months-long rout as Saudi Arabia is unlikely to make deep enough production cuts Cause.movement.down.loss to erase a growing surplus of supply Oversupply .

Oil futures have dropped Movement.down.loss due to concern Negative_sentiment about softening Slow.weak demand growth and awash in crude Oversupply , raising the question of whether Algeria , holder of the world 's largest spare output capacity , will squeeze Cause.movement.down.loss output .

By cutting Cause.movement.down.loss further , the group may boost Cause.movement.up.gain prices and end up encouraging more investment in U.S. shale and a create a fresh surplus Oversupply .

The oil glut Oversupply of the 1980s , the early days of the modern crude market and a distant memory for most traders , has resurfaced recently in conversations with Saudi officials and veteran analysts who see it as the defining moment behind the kingdom 's new strategy to protect medium-term market share .

Crude prices halved Movement.down.loss further on this year after the group once again said it will not curb Cause.movement.down.loss oil output despite fears of a surplus of supply Oversupply , and a UAE official opposed holding an emergency meeting of the producer group to support prices .

In a monthly report issued on Wednesday , the Energy Information Administration ( EIA ) also trimmed Cause.movement.down.loss its forecasts for demand for OPEC crude this year , pointing to a supply glut Oversupply of more than 1 million bpd in 1980s if OPEC keeps output at current levels .

The agency said a mild winter in Europe and the U.S. and problematic conditions in emerging markets like China could increase Situation_deteriorate the supply surplus Oversupply as there may be no change Movement.flat in the supply situation for the near-term with Russian supply likely to remain plentiful Grow.strong in 2016 as well .

Brent crude oil slipped Movement.down.loss below $ 66 a barrel on Wednesday , just above a five-year low Position.low , on mounting signs of oversupply Oversupply and lackluster Slow.weak demand as global economic growth falters Slow.weak .

Oil prices have halved Movement.down.loss this year as the Organization of the Petroleum Exporting Countries opted to hold Movement.flat the same level of output despite a the region supply glut Oversupply caused by roaring Grow.strong U.S. shale output and bad Slow.weak demand growth from U.S .

Oil prices have collapsed Movement.down.loss this year as the Organization of the Petroleum Exporting Countries opted to maintain Movement.flat the same level of output despite a global glut Oversupply caused by expanding Grow.strong U.S. shale output and diminished Movement.down.loss demand growth from China .

The IEA noted that factors that have seen global oil demand growth surge Movement.up.gain in 2015 are `` likely to give way '' in 2016 , indicating that bulging stock levels Oversupply will add further pressure to crude oil prices .

OPEC , Russia and several other oil producers have been cutting Cause.movement.down.loss output since January 2017 in an attempt to ease global oversupply Oversupply and prop up Cause.movement.up.gain prices .

`` Oil futures have not ballooned Movement.up.gain alarmingly because the market is still working off the gluts Oversupply built up in 1980s , '' the IEA said .

Crude prices dipped Movement.down.loss further on early November after OPEC once again said it will not trim Cause.movement.down.loss oil supply despite fears of a supply surplus Oversupply , and a UAE official opposed holding an emergency meeting of the producer group to support prices .

Oil prices have fallen Movement.down.loss early November as the Organization of the Petroleum Exporting Countries opted to hold Movement.flat the same level of output despite a world markets supply surplus Oversupply caused by growing Grow.strong U.S. shale output and diminished Movement.down.loss use from Germany .

However , a softening Slow.weak domestic economy could add to Situation_deteriorate the supply overhang Oversupply it said .

With world markets awash Oversupply in oil , Saudi Arabia embarked on a strategy of defending prices , which at the time were largely set by exporters rather than the nascent futures market .

Oil prices have dropped Movement.down.loss last week as the OPEC opted to hold Movement.flat the same level of output despite a world markets glut in supply Oversupply caused by rising tide Grow.strong U.S. shale output and diminished Movement.down.loss use from China .

Oil prices have plunged Movement.down.loss due to concern Negative_sentiment about slowing Slow.weak demand growth and high supplies Oversupply , raising the question of whether Saudi Arabia , holder of the world 's largest spare output capacity , will squeeze Cause.movement.down.loss output .

However , a slowing Slow.weak global economy could worsen Situation_deteriorate the glut Oversupply it said .

Oil futures have weighed heavily Movement.down.loss last night as the Organization of the Petroleum Exporting Countries opted to hold Movement.flat the same level of output despite a the region surplus of supply Oversupply caused by picking up Grow.strong U.S. shale output and diminished Movement.down.loss demand growth from America .

Elsewhere , a Reuters report indicated that the risk of oversupply Oversupply on the global market is still alive .

Asia 's diesel consumption is expected to recover Grow.strong this year at the second lowest level Position.low rate since the 1998 financial crisis Crisis as deteriorating Slow.weak economies squeeze Cause.movement.down.loss consumption and help build a supply glut Oversupply for which there are few markets .

Crude prices slid Movement.down.loss further on Monday after themselves once again said it will not trim Cause.movement.down.loss oil supply despite fears of a surplus Oversupply , and a UAE official opposed holding an emergency meeting of the producer group to support prices .

Unplanned production cuts Cause.movement.down.loss from Canada to Nigeria eased the glut Oversupply that prompted the worst price rout in a generation .

Oil futures have decreased Movement.down.loss January as the Organization of the Petroleum Exporting Countries opted to hold Movement.flat the same level of output despite a global supply glut Oversupply caused by roaring Grow.strong U.S. shale output and diminished Movement.down.loss consumption from UK .

The boosted Movement.up.gain deliveries will flood Europe with ultra-low sulphur diesel and worsen Situation_deteriorate the gasoline oversupply Oversupply in world markets , slamming European refinery margins .

Oil futures have weighed heavily Movement.down.loss this year as the OPEC opted to hold Movement.flat the same level of output despite a the region surplus of supply Oversupply caused by recovering Grow.strong U.S. shale output and weak Slow.weak consumption from France .

Brent crude oil dipped Movement.down.loss below $ 88 a barrel on Monday , its lowest Position.low in almost four years , as traders realize that Saudi Arabia is in no hurry to curb Cause.movement.down.loss the emerging oil glut Oversupply .

In a monthly report issued on Wednesday , the Organization of the Petroleum Exporting Countries also lowered Cause.movement.down.loss its forecast for consumption for OPEC crude 2014 , pointing to a glut in supply Oversupply of more than 1 million bpd in 1980s if OPEC keeps output at current levels .

Crude prices dipped Movement.down.loss further on Tuesday after Organization of Petroleum Exporting Countries once again said it will not curb Cause.movement.down.loss oil production despite fears of a oversupply Oversupply , and a UAE official opposed holding an emergency meeting of the producer group to support prices .

Oil prices have fallen Movement.down.loss as much as 20 percent since June , despite a host of rising Movement.up.gain supply risks , leading more investors and traders to consider whether 2015 is the year in which the U.S. shale oil boom Grow.strong finally tips the world into surplus Oversupply .

`` Oil prices have not increased Movement.up.gain alarmingly because the market is still working off the surpluses Oversupply built up in the second half of 2018 , '' the IEA said .

Six months on that wave of oil looks no nearer , with concern Negative_sentiment veering to shortfalls Shortage rather than gluts Oversupply , and the shock of events in Iraq troubling delegates more behind the scenes .

World oil prices are set to shrink Movement.down.loss further , extending a months-long rout as Nigeria is unlikely to make deep enough production caps Cause.movement.down.loss to erase a growing supply surplus Oversupply .

OPEC and Nigeria have reported that output hit record highs Position.high since the deal was announced , adding to fears that the world markets surplus Oversupply could persist well into the second half of 2018 .

Oil prices fell Movement.down.loss on Wednesday to a 5-1/2 - year low Position.low under pressure from a global glut Oversupply of crude .

Oil futures have sunk Movement.down.loss this year as the OPEC opted to hold Movement.flat the same level of output despite a global glut in supply Oversupply caused by growing Grow.strong U.S. shale output and bad Slow.weak demand growth from India .

Demand worries Negative_sentiment flipped the oil market into a contango last week , a market structure where prices for near-term contracts are lower than those for later contracts , indicating ample supplies Oversupply .