Oil inventory glut at its highest in at least a decade: Opec

London

SURPLUS oil inventories are at the highest level in at least a decade because of increased global production, according to the Organization of the Petroleum Exporting Countries.

Stockpiles in developed economies are 210 million barrels higher than their five-year average, exceeding the glut that accumulated in early 2009 after the financial crisis, the organisation said in a report. Slowing non-Opec supply and rising demand for winter fuels could "help alleviate the current overhang", enabling a recovery in prices, it said. The group's own production slipped last month because of lower output in Iraq.