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Oil glut grows and takes a toll globally

Shakeout will be painful for companies, countries and investors

Most of the glut today can be explained by a near doubling of US domestic oil production since 2008. The shale boom added roughly three million barrels a day to the global market.


THE world is awash in crude oil, with enough extra produced last year to fuel all of Britain or Thailand. And the price of oil won't stop falling until the glut shrinks.

The oil glut - the unsold crude that is piling up around the world - is a quandary and a source of