Oil oversupply poised to linger

OPEC key members predict faster global growth needed to absorb surplus

Oil oversupply that sent prices to a five-year low probably will persist until at least the second half when demand is set to recover, according to leading figures in the Organization of Petroleum Exporting Countries.

Faster global economic growth will be needed to help absorb the oil surplus estimated at 1.8 million barrels a day, said Kuwait Oil Minister Ali Al-Omair on Tuesday. A demand-led recovery is seen in the second half, the UAE's Governor to OPEC Ali Al Yabhouni told reporters in Abu Dhabi.