IEA: Oil supply boost needed in second half

Oil markets are expected to improve as a result of the production increases that the Organization of Petroleum Exporting Countries engineered in Vienna in late March, although another production increase will be necessary before yearend. This view was expressed by the International Energy Agency in its April oil market report.On Mar. 29, nine OPEC members agreed to increase their crude production targets by 1.45 million b/d as of Apr. 1 (OGJ, Apr. 3, 2000, p. 26). After hesitation, Iran also decided to raise output, bringing about a 1.72 million b/d production increase. The actual jump in output will be less, though, as the OPEC 10 (OPEC excluding Iraq) were already producing 1.25 million...

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