IEA says oil market may rebalance faster

LONDON: Global oil supply could fall in line with demand more quickly if Opec and Russia agree to a steep enough cut in production, but it is unclear how rapidly this might happen, the International Energy Agency (IEA) said.

Opec, led by Saudi Arabia, agreed last month to cut production to around 32.5 to 33 million barrels per day (bpd) and Russia has signalled it is ready to join in any effort to temper supply and shrink a stubborn global surplus of unwanted crude.