Rebalancing the Oil market will take longer than we thought: IEA

The glut was exacerbated by OPEC, a 14- member oil producing group which includes major Middle Eastern producers, to defend its market share in the face of rivals rather than the oil price. The strategy has put pressure on the cartel's members, who have seen oil export revenues fall, while having the planned effect of putting rival non- OPEC producers out of action..