`` Oil prices have not rebounded Movement.up.gain alarmingly because the market is still working off the gluts Oversupply built up in 2015 , '' the IEA said .

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

OPEC and Libya have reported that output hit record highs Position.high since the deal was announced , adding to fears that the the region glut Oversupply could persist well into 2015 .

Forecasts for a supply glut Oversupply in West African and European markets help to push the Brent benchmark down Movement.down.loss 3.3 percent last week , despite geopolitical tension Geopolitical.tension in Iraq , Libya and Ukraine .

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

Opec 's supply restrictions Cause.movement.down.loss support a rise Movement.up.gain in oil prices while high supplies Oversupply in the US provide resistance to an upward trend Movement.up.gain .

Analysts were expecting oil stockpiles to rise Movement.up.gain by 1.350 million barrels last week , and the supply data fueled the selloff by confirming fears the U.S. economy is awash in crude Oversupply .

Crude prices plunged Movement.down.loss further on Monday after OPEC once again said it will not cut Cause.movement.down.loss oil output despite fears of a glut Oversupply , and a UAE official opposed holding an emergency meeting of the producer group to support prices .

The increased Movement.up.gain exports will flood Europe with ultra-low sulphur diesel and add to Situation_deteriorate the gasoline surplus Oversupply in the region , slamming European refinery margins .

Crude prices dipped Movement.down.loss further on January after OPEC 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 .

World oil prices are set to fall Movement.down.loss further , extending a months-long rout as Iraq is unlikely to make deep enough output caps Cause.movement.down.loss to erase a growing glut in supply Oversupply .

Crude prices plunged Movement.down.loss further on Monday after OPEC once again said it will not cut Cause.movement.down.loss oil output despite fears of a glut 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 Organization of the Petroleum Exporting Countries also cut Cause.movement.down.loss its forecasts for demand for OPEC crude this year and next , pointing to a supply surplus Oversupply of more than 1 million bpd in 2015 if OPEC keeps output at current levels .

World oil prices are down Movement.down.loss 40 percent since June , largely on abundant supply Oversupply .

However , concerns Negative_sentiment of oversupply Oversupply resurfaced on Monday after Russia reported an increase Movement.up.gain in production in March , to 10.97 million bpd from 10.95 million bpd in February .

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

Crude prices declined Movement.down.loss further on 2002 after OPEC once again said it will not disrupt Cause.movement.down.loss oil processing despite fears of a supply overhang Oversupply , and a UAE official opposed holding an emergency meeting of the producer group to support prices .

Oil futures have dropped 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 global oversupply Oversupply caused by roaring Grow.strong U.S. shale output and limp Slow.weak consumption from Korea .

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 .

Forecasts for a supply surplus Oversupply in West African and European markets help to push the Brent benchmark down Movement.down.loss 5 percent last month , despite geopolitical war Geopolitical.tension in Russia , Saudi Arabia and Ukraine .

World oil futures are set to curb Movement.down.loss further , extending a months-long rout as OPEC member is unlikely to make deep enough processing restrictions Cause.movement.down.loss to erase a growing oversupply Oversupply .

However , a softening Slow.weak global economy could deepen Situation_deteriorate the supply overhang Oversupply it said .

World oil futures are set to shrink Movement.down.loss further , extending a months-long rout as Algeria is unlikely to make deep enough output restrictions Cause.movement.down.loss to erase a growing surplus Oversupply .

Oil futures have dropped Movement.down.loss due to concern Negative_sentiment about slowing 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 .

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

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

Crude prices declined Movement.down.loss further on Friday after OPEC 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 .

Brent and U.S. crude both remained near five-year lows Position.low as the market grappled with surplus of supply Oversupply due to the U.S. shale rise Grow.strong and the recent decision by the Opec not to curb Cause.movement.down.loss production .

Brent and U.S. crude both remained near five-year lows Position.low as the market grappled with glut in supply Oversupply due to the U.S. shale expansion Grow.strong and the recent decision by the other major producers not to trim Cause.movement.down.loss processing .

The net effect is the same : An oil market potentially facing years worth of oversupply Oversupply , a scenario the Saudis and OPEC have not been forced to grapple with since the early 2000s , before the rise Grow.strong of China triggered a decade-long price boom Grow.strong .

OPEC and Russia have reported that output hit record highs Position.high since the deal was announced , adding to fears that the global supply overhang Oversupply could persist well into 2017 .

Crude prices slid Movement.down.loss further on the final quarter of 1991 after OPEC once again said it will not trim Cause.movement.down.loss oil production despite fears of a supply overhang Oversupply , and a UAE official opposed holding an emergency meeting of the producer group to support prices .

`` Oil prices have not added Movement.up.gain alarmingly because the market is still working off the gluts Oversupply built up in 2015 , '' the IEA said .

Crude prices crashed Movement.down.loss further on Friday after Organization of the Petroleum Exporting Countries once again said it will not squeeze 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 .

This will not prevent , however , a third-quarter supply surplus Oversupply of 1.2 million bpd .

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

But doubts have emerged over how effective the cuts Cause.movement.down.loss will be at rebalancing the market and blocking massive oversupply Oversupply that has pressured prices lower Movement.down.loss for more than two years .

Forecasts for a surplus of supply Oversupply in West African and European markets help to push the Brent benchmark down Movement.down.loss 13 % January , despite geopolitical war Geopolitical.tension in Russia , United States and Ukraine .

Oil futures have fallen Movement.down.loss due to concern Negative_sentiment about softening Slow.weak consumption and high supplies Oversupply , raising the question of whether Saudi Arabia , holder of the world 's largest spare output capacity , will cut Cause.movement.down.loss output .

World oil futures are set to drop Movement.down.loss further , extending a months-long rout as Kuwait is unlikely to make deep enough production disruptions Cause.movement.down.loss to erase a growing supply glut Oversupply .

Oversupply Oversupply could happen next year when Iraq starts to export more oil because of an agreement between Baghdad and the Kurdish regional government .

Oil futures have dropped 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 rising tide Grow.strong U.S. shale output and anemic Slow.weak demand from France .

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

Forecasts for a oversupply Oversupply in West African and European markets help to push the Brent benchmark down Movement.down.loss more than 20 % January , despite geopolitical war Geopolitical.tension in Iraq , Libya and Ukraine .

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 surplus Oversupply as there may be no change Movement.flat in the output situation for the near-term with Libyan production likely to remain bullish Grow.strong in 2013 as well .

Asia 's diesel demand 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 reduce Cause.movement.down.loss usage and help build a glut Oversupply for which there are few markets .

Crude prices declined Movement.down.loss further on 1986 after OPEC once again said it will not trim Cause.movement.down.loss oil supply despite fears of a oversupply Oversupply , and a UAE official opposed holding an emergency meeting of the producer group to support prices .

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

Forecasts for a glut in supply Oversupply in West African and European markets help to push the Brent benchmark down Movement.down.loss more than 20 % last month , despite geopolitical war Geopolitical.tension in Russia , Yemen and Ukraine .

OPEC and Mexico have reported that output hit record highs Position.high since the deal was announced , adding to fears that the global surplus Oversupply could persist well into 1980s .