In response to the drop in price in the second half of last year, the Organization of the Petroleum Exporting Countries and non-members such as Russian Federation and Oman will slash production by a joint 1.2 million bpd this year.
The IEA has previously touted the "growing influence" of the U.S.in global oil markets, saying such a dramatic rise in crude output could soon challenge the market share of OPEC kingpin Saudi Arabia. This extension of waivers will keep Iranian oil in the market for a while now and build supply pressure in the market.
Brent crude oil futures LCOc1 were down $0.44 at $60.88 a barrel by 1035 GMT, while U.S. crude futures CLc1 fell by $0.53 to $51.78 a barrel.
The OPEC and non-OPEC ministerial panel also called on members and the organization's allies, including Russian Federation, to "redouble their efforts in the full and timely implementation" of the move. -China trade deals. The market may continue to be underpinned as long as the trade deal talk remains positive.
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Another top director has resigned from Patisserie Holdings PLC ( LON:CAKE ) in the wake of discovering a £40m gap in its accounts. It said it would take some time before a reliable trading outlook could be completed while the work streams progressed.
The IEA said data show that Russian Federation increased crude oil production in December "to a new record near 11.5 mbd (million barrels per day) and it is unclear when it will cut and by how much".
The producer group and its allies agreed in December to return to output cuts, of 1.2 million barrels per day, to support oil prices and fight a glut amid rising supply, especially from the United States.
However, some signs of weakening demand and surging USA output may keep prices in check.
"By the middle of the year, US crude output will probably be more than the capacity of either Saudi Arabia or Russian Federation", said the IEA, which kept its estimate of oil demand growth unchanged and close to 2018 levels at 1.4 million barrels per day.