NEW YORK (Oil Price) - The world's oil supply fell last month, the International Energy Agency said Wednesday, amid rising global tensions as U.S. sanctions on Iran tightened and OPEC+ members produced less crude in line with their pact.
In its latest monthly report on the global oil market, the Paris-based IEA said that while geopolitics and industry disruptions were clouding the outlook it believes that the market balance is set to flip from surplus into deficit, a development that would favor efforts by oil producing nations to keep prices high.