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International Energy Agency: World oil markets receive adequate supplies
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The International Energy Agency (IEA) said world oil markets were receiving sufficient supplies and surplus capacity remained at comfortable levels, while highlighting the need to avoid raising oil prices in light of fragile global economic growth.
The agency's comments come as the United States tightens its sanctions on Iran, one of the biggest oil producers.
"The tightening of sanctions on Iran will affect its export capacity," the Paris-based energy agency said, adding that Iranian shipments of crude and condensates were close to 1.1 million barrels per day, less than 300,000 bpd from March and 1.7 million bpd from May 2018.
The world's surplus production capacity has increased to 3.3 million barrels per day (bpd) due to the high compliance rate of production cuts agreed between the Organization of the Petroleum Exporting Countries (OPEC) and its allies, the agency said.
Oil inventories in OECD countries stood at 2.871 billion barrels at the end of February, more than the five-year average, the Energy Agency said, adding that total oil supplies from the United States were expected to rise by 1.6 million bpd this year.
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