The phrase "huge oversupply" means there is an excessive amount of something that is available or being produced, beyond what is needed or demanded. Full definition
But the global recession after 2008 caused a crash in production, meaning there is a now huge oversupply of permits. (theguardian.com)
Lack of demand due to insufficient mitigation pledges and huge oversupply due to lenient rules led to a price collapse. (carbonmarketwatch.org)
Toronto's condominium market is particularly vulnerable, Athanassakos says, as a huge oversupply of units is hitting the market. (canadianbusiness.com)