The International Energy Agency on Wednesday said a “finely balanced” market would become vulnerable to disruption and OPEC swing producers and others would need to boost their production, even as it raised its estimate of non-OPEC output growth this year. In its monthly oil market report the IEA increased its estimate of non-OPEC oil output growth this year to 2.0 million b/d on the back of surging US output, from 1.9 million b/d in its previous report. It lowered its estimate of the “call” on OPEC , or the need for OPEC crude, for this year to 31.9 million b/d, from 32.2 million b/d in last month’s report and forecast a reduction to 31.6 million b/d next year. But it warned that reduced output from Venezuela together with the US’ reinstatement of sanctions against Iran “would require higher production from those producers with spare capacity,” referring to countries party […]

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