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
This article is for subscribers only.
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.