IEA: Oil markets heading into period of heightened uncertainty

The oil market is heading into a period of heightened uncertainty with low stocks and limited spare production capacity, the International Energy Agency warned in its latest Oil Market Report. These factors reduce flexibility and limit the system's ability to respond rapidly to changing circumstances.The Paris-based agency reported that worldwide crude oil production surged 1.96 million b/d in February. Members of the Organization of Petroleum Exporting Countries added 1.5 million b/d, as output from Venezuela rebounded another 850,000 b/d, and Saudi Arabia increased exports 330,000 b/d. This meant that OPEC spare capacity fell to 1.7 million b/d in February, and Iraqi output for Febr...

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