Paris-based International Energy Agency declares a bottom in oil prices
In their monthly Oil Market Report, the IEA reported global oil supplies declined by 180,000 bbl/day in February, to 96.5 million bbl/day:
- OPEC production eased slightly to 32.61 million bbl/day due to supply disruptions in Iraq, Nigeria and UAE
- Iran is expected to add another 500,000 bbl/day in the next few months as they ramp up production post-sanctions
- February global oil production is 1.8 million bbl/day higher than the same time last year
The agency thinks modest demand growth, a weak US dollar, slowing US shale output and production caps by OPEC and Russia will help support oil prices going forward.