world

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

The IEA said there was a "modest offset to supply worries from the demand side".

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 Washington’s decision to end sanctions waivers that had allowed some importers to continue to buying Iranian crude added to the “confusing supply outlook.”

Source: Read Full Article