Home Market News Commodities Rising U.S. oil output helping fill gap left by Iran, Venezuela: IEA

Rising U.S. oil output helping fill gap left by Iran, Venezuela: IEA

© Reuters. FILE PHOTO: Stacked rigs are seen along with other idled oil drilling equipment at a depot in Dickinson

LONDON (Reuters) – The world will require very little extra oil from OPEC this year as booming U.S. output will offset falling exports from Iran and Venezuela, the International Energy Agency said on Wednesday.

The IEA, which coordinates the energy policies of industrial nations, said there was “scope for other producers to raise supply” to fill the gap left by lower production from Iran due to tightening U.S. sanctions.

The monthly report said higher output from producers outside the Organization of the Petroleum Exporting Countries, especially from the United States in the second quarter, would keep the market well supplied.