IEA predicts worst is over for world oil production
‘The picture is still very bleak for the industry’
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...