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IEA Sees Oil Market Improving Amid Sharp Drop in Production

  • World supplies plunging 12% to nine-year low this month
  • U.S. output set to slump more than Saudi Arabia’s by year-end
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U.S. Energy Chief Brouillette Says Oil Prices Starting to Stabilize
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The outlook for global oil markets has “improved somewhat,” with demand a little stronger than expected and supply reined in by a brutal price crash, the International Energy Agency said.

World oil production is on track for a “historic decline” this month to the lowest level in nine years, the IEA said in a monthly report. OPEC and its partners are slashing output, while others like the U.S. are forced to scale back drilling.