OPEC’s decision to effectively scrap its official production ceiling is showing signs of curbing its rivals’ output, but the world will remain oversupplied with oil well into next year, potentially weighing on prices, a top world energy monitor said Friday. The world’s demand for oil has begun to slow down while the Organization of the Petroleum Exporting Countries looks determined to maximize its output , said the International Energy Agency in its closely watched monthly market report. The resulting fall in oil prices has taken a toll on non-OPEC producers who need higher margins to keep pumping, but not enough to tighten the market with OPEC churning out so much. “The freewheeling OPEC policy does not, for now, alter the status quo on its supply,” said the IEA, which advises the world’s biggest economies on energy policies. “We see only limited upside potential until Iran starts to ramp up […]