Higher oil prices mean more production from the United States, leaving the global market with more oil than last year, the International Energy Agency said. “Even after taking into account production cut pledges from the eleven non-OPEC countries, unplanned outages in Canada as well as in the North Sea, we expect production will grow again on a year-on-year basis by May,” the IEA noted in a report issued Thursday. Members of the Organization of Petroleum Exporting Countries agreed to cut about 1.2 million barrels of oil per day through a deal that went into force in January. The latest monthly market report from OPEC economists said contributing members are cutting more […]