Longest glut in 30 years looms as Opec keeps pumping

London

THE world is on the brink of the longest-lasting oil glut in at least three decades and Opec's quest for market share makes it almost unavoidable.

Oil supply has exceeded demand globally for the past five quarters, already the most enduring glut since the 1997 Asian economic crisis, International Energy Agency data show. If the Organization of the Petroleum Exporting Countries (Opec) were to keep pumping at current rates it would become the longest surplus since at least 1985 by the third quarter, the data show.