The current glut of oil is causing more downward pressure on oil prices.
The International Energy Agency, the west’s oil forecaster, said stocks in developed countries had ballooned to almost 3 billion barrels - the equivalent of more than a month’s supply of global oil consumption.
Oil prices have halved in the past 18 months and could fall even further.
Brent crude is currently below $44. One would always caution though, beware the bounce.
