The International Energy Agency says oil producers will have to be patient, because prices won't climb at all this year. Next year they're expected to head uphill, but only gradually.
The cartel pumped more oil in July, boosting global supplies for the third month and casting doubt on OPEC's pledge to reduce production. But the IEA industry group hopes growing demand will take up the slack.
The International Energy Agency (IEA) has said the oil market could stay oversupplied for longer than expected due to rising production and limited output cuts by some OPEC exporters.
The oil price may have bottomed out, according to the International Energy Agency. IEA noted oil's remarkable recovery over recent weeks and said the upward trend could be set to continue.
The oil price is unlikely to rise much further, as inventories stay large and the market remains oversupplied - despite steady demand growth and production disruptions like wildfires in Canada.
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