US oil output helps fill gap left by Iran, Venezuela: IEA


US oil output helps fill gap left by Iran, Venezuela: IEA

The world will require very little extra oil from OPEC this year as booming US output will offset falling exports from Iran and Venezuela, the International Energy Agency said on May 15.

The IEA, which coordinates the energy policies of industrial nations, said Washington’s decision to end sanctions waivers that had allowed some importers to continue to buying Iranian crude added to the “confusing supply outlook.”

“However, there have been clear and, in the IEA’s view, very welcome signals from other producers that they will step in to replace Iran’s barrels, albeit gradually in response to requests from customers,” the IEA said in its monthly report. Read More

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