IEA Says Record OPEC Cut Compliance Helps Oil Market Rebalance

IEA Says Record OPEC Cut Compliance Helps Oil Market Rebalance
Global oil output plunged in January as OPEC and non-OPEC producers curbed supply to accelerate a market rebalancing.

The IEA added that the continued existence of high stocks, plus caution from the markets in assessing the level of output cuts, were the reasons behind Brent crude oil prices remaining at the mid-$50s per barrel range since mid-December.

"The oil market is very much in a wait-and-see mode," it said.

(Reporting by Dmitry Zhdannikov; Editing by Dale Hudson)


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