Global oil glut set to continue despite efforts to prop up price

Increasing production from US and non-Opec countries means growth in oil supply will outstrip demand in 2018

The world's oil glut is likely to persist next year in a blow to efforts by major producers to shore up the oil price by cutting output, according to a leading energy authority.

Growth in oil supply will outstrip growth in demand during 2018, driven by increasing production from US shale and other countries outside Opec, the International Energy Agency (IEA) said.