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Oil Prices: Market Can't Absorb Increase in Supplies, IEA's Bosoni Says
What we're seeing in the market today is that demand growth is slowing. I think that now three quarters of the year is gone. We're seeing oil demand around 700,000 barrels a day.And on the other hand, we're seeing record oil supply, not just from the unwinding of OPEC's cuts that have added about 1.5% million barrels a day since the first quarter through September. But we're also seeing record production in the United States and Brazil and Guyana and Canada. So it's this mismatch between the very strong sup ...