IEA Says Record OPEC Cut Compliance Helps Oil Market Rebalance
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)
View Full Article
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds