Mubasher: The International Energy Agency (IEA) on Thursday said it expected the global oil supply glut to continue in 2017.
Without an output cut agreement from the Organisation of Petroleum Exporting Countries (OPEC), oil prices will continue to rise next year, IEA said.
It added that the continued oil surplus will likely prompt a renewed price drop.
Global oil supply rose to 97.8 million barrels per day (mbpd) in October, following a record production boost from OPEC as well as increased production from non-OPEC members, such as Russia, Brazil, Canada and Kazakhstan.
The IEA kept its expectations for growth in 2016 to 1.2 mbpd, adding that consumption was likely to remain the same in 2017.
OPEC members are scheduled to meet in late November to discuss an oil output reduction to around 32.5-33 mbpd.
