New York — The outlook for global oil markets remains uncertain, but with demand a little stronger than expected and supply reined in by a brutal price crash the heaviest destruction may be over, the International Energy Agency (IEA) said on Thursday.

World oil production is on track for a “historic decline” in May to the lowest level in nine years, the IEA said in its monthly report. Opec and its partners are slashing output, while others including the  US have been forced to scale back drilling...

Subscribe now to unlock this article.

Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).

There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.

Cancel anytime.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.