Rising U.S. oil output helping fill gap left by Iran, Venezuela: IEA


FILE PHOTO: Stacked rigs are seen along with other idled oil drilling equipment at a depot in Dickinson, North Dakota June 26, 2015. REUTERS/Andrew Cullen

LONDON (Reuters) – The world will require very little extra oil from OPEC this year as booming U.S. output will offset falling exports from Iran and Venezuela, the International Energy Agency said on Wednesday.

The IEA, which coordinates the energy policies of industrial nations, said there was “scope for other producers to raise supply” to fill the gap left by lower production from Iran due to tightening U.S. sanctions.

The monthly report said higher output from producers outside the Organization of the Petroleum Exporting Countries, especially from the United States in the second quarter, would keep the market well supplied.

Reporting By Noah Browning; Editing by Edmund Blair

Products You May Like

Articles You May Like

Kim Kardashian names fourth child, a boy, Psalm West
Delon, set for Cannes honor, says he is ‘irreproachable’ as an actor
Trump, Saudi Arabia warn Iraq against Middle East conflict
‘Game of Thrones’ leaves fans sad, mad and wanting more
Trump, House Democrats square off in U.S. court over Deutsche Bank documents

Leave a Reply

Your email address will not be published. Required fields are marked *