oversupplied

"We're not in a crisis situation, but nor are we oversupplied."

The meeting comes amid a sharp decline in oil prices, due to concerns that the market was oversupplied despite output cuts by the OPEC+.

"Clearly, the decline in crude oil prices and the weakening of the structure is an ominous sign; one that implies an oversupplied physical market," said Tamas Varga of oil broker PVM.

The reasons: a debt load of $3.3 billion and pending litigation alleging “that it oversupplied prescription painkillers.”

Pictet's Kohalmi also said the "biggest unknown" was contagion from the next round of refinancing, especially in the highly oversupplied market of office buildings in the U.S.: