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Oil market faces ‘super glut’ as supply surge hits prices

Commodities trader Trafigura says burst of new supply coming online will collide with reduced demand growth

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Demand from China, the world’s biggest oil importer, is expected to grow more slowly next year due to its huge fleet of electric vehicles, which have sharply reduced petrol demand. Low prices this year have prompted China to buy more crude to fill its strategic stockpile.

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https://www.ft.com/content/37a7bc5c-3d16-4f00-be12-9e039b9bfea1