The phrase "oil glut" means there is an oversupply of oil in the market, resulting in more oil than there is demand for. This surplus can lead to a drop in oil prices and difficulties for oil-producing countries and companies. Full definition
The price for a barrel of West Texas Intermediate crude has fallen by more than 30 % since the beginning of June, to nearly $ 40, as the ongoing global oil glut keeps dragging down the world's oil prices. (fortune.com)
OPEC wants to talk to rival shale drillers to learn lessons of oil glut Saudis and US, seen as rivals, are actually growing together: Aramco CEO Saudi Aramco looking to Google parent Alphabet to build tech hub (cnbc.com)
Low crude prices and a booming global economy have caused the biggest oil glut in history to disappear before your very eyes. (futuresmag.com)