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Oil Better-Supplied for First Time Since 2009, IEA Says

Oil markets are better supplied for the first time since 2009 as “sluggish” demand and OPEC output at its highest in more than three years eased inventory depletion, according to the International Energy Agency.

Global oil inventories may have increased by more than 1 million barrels in the first quarter, the Paris-based IEA said in its monthly Oil Market Report today. The agency kept its world demand estimate for 2012 little changed at 89.9 million barrels a day. Iranian output may tumble more than 20 percent by mid-summer as international sanctions take effect, it said.