The phrase "global glut" means that there is an excessive or surplus amount of something worldwide.
Sentences with «global glut»
This is the first significant political premium to show up in crude prices since OPEC and Russia joined forces in late 2016 to steady a market faced with a serious global glut. (cnbc.com)
The prospects for an oil price recovery are still unclear, van Beurden said, despite attempts by OPEC and other producers to agree a deal to limit output and reduce the global glut which has pushed oil prices down by 50 % since June 2014. (fortune.com)
Without money, companies had to slow or even stop drilling for the crude that helped create a global glut. (fortune.com)