Oil Market Is Rebalancing Yet OPEC's Work Not Finished, IEA Says

Global oil markets are rebalancing as supply cuts by OPEC and its allies take effect, yet longer curbs are needed to drain excess inventories, according to the International Energy Agency.

The world's oil stockpiles increased only slightly in the first quarter and are set to decline in the second as demand picks up seasonally and OPEC constrains output, the IEA said Tuesday in its monthly report.

Still, even if the Organization of Petroleum Exporting Countries and its partners prolong their...

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