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 .

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 .

Iraq 's Oil Minister Thamir Ghadhban hinted at this possibility , saying at the CWC Iraq Petroleum Conference in London on Thursday that his country is committed to the OPEC + deal , but ready to satisfy demand growth when the oversupply Oversupply disappears .

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 .

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 .

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 .

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

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 .

Brent and U.S. crude both remained near five-year lows Position.low as the market grappled with oversupply Oversupply due to the U.S. shale boom Grow.strong and the recent decision by the Organization of Petroleum Exporting Countries not to cut Cause.movement.down.loss production .

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 .

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 .

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 .

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 .

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 .

Brent crude rose Movement.up.gain to $ 105 a barrel on Monday to come off of a four-month low Position.low hit in the previous session , with worries Negative_sentiment about global oversupply Oversupply still outweighing concerns Negative_sentiment about violence Civil.unrest in the Middle East and North Africa .

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

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 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 .

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 .