A global glut of oil is forecast to last through 2016 despite the strongest demand growth in five years and faltering supply, both of which have failed to clear the surplus, according to the International Energy Agency (IEA) in its latest monthly report. This has seen jet fuel prices slide more than 47 per cent compared with a year ago, according to the latest statistics from the International Air Transport Association (IATA). The global oversupply will average 1.4 million barrels a day in … [Read more...] about Oil production surplus highest in 17 years: IEA