Meaning of “excess supply” in the English Dictionary

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"excess supply" in Business English

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excess supplynoun [ U ]

uk us

ECONOMICS a situation in which there is more of a product or service available than customers want to buy:

They forecast that the world will have an excess supply of 365 million barrels of oil in the three months to June.

(Definition of “excess supply” from the Cambridge Business English Dictionary © Cambridge University Press)