IEA said oil might have bottomed The International Energy Agency said in a monthly report that oil might have bottomed, and that low prices were beginning to impact crude output outside producer organisation OPEC.
"There are clear signs that market forces ... are working their magic and higher-cost producers are cutting output," the Paris-based IEA said.
The group, which coordinates energy policies of industrialized nations, said it now believed non-OPEC output would fall by 750,000 barrels per day (bpd) in 2016 compared to its previous estimate of 600,000 bpd.
It also said Iran's post-sanctions return to exporting was happening more gradually than expected, keeping its barrels from putting significant pressure on the market. Still, this week Iran said it would not participate in any production freeze until it had regained market share.
https://www.cnbc.com/2016/03/10/oil-prices-edge-up-on-weaker-dollar-financial-investments.html