- A massive oil glut may weigh on world markets deep into next year unless the OPEC producer cartel makes good on its promise to cut output, the International Energy Agency said on Tuesday.

The oil price has recovered steadily since OPEC said last month that it will reduce production, with details to be hammered out at the cartel's November meeting, and such a deal would "speed up the process" of working off global oil inventories, the IEA said in its monthly report.