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 .

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

The U.S. shale boom Grow.strong and threat of a global recession could lead to a oil-supply glut Oversupply , potentially driving OPEC to signal that it 's ready to deepen Situation_deteriorate supply curbs Cause.movement.down.loss .

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 .

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

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

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 Slow.weak demand growth from China .

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 .

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 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 .

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 .

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 .

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 .

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 .

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 .

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 .

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 .

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 .