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IEA says 'mission accomplished' for OPEC as oil stocks shrink

Reuters  |  LONDON 

By Dmitry ZhdannikovLONDON (Reuters) - OPEC and its allies appear to have accomplished their mission of reducing global oil stocks to desired levels, the International Energy Agency said on Friday, signalling that the market could become too tight if supply remains restrained.The IEA, which coordinates the energy policies of industrialised nations, said stocks in developed countries could fall to their five-year average - a metric used by OPEC to measure the success of output cuts - as early as May."It is not for us to declare on behalf of the Vienna agreement countries that it is 'mission ...

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First Published: Fri, April 13 2018. 20:13 IST
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