The OPEC and non-OPEC producers (OPEC+) may want to consider further output cuts to balance the oil market, International Energy Agency’s (IEA) chief Fatih Birol told Bloomberg TV on Wednesday.
“It may be advisable for OPEC+ to cut as soon as possible,” Birol added.
On Tuesday, Birol tweeted out that the current supply cut agreement was not sufficient to balance the market in the near-term.
Market reaction
These comments failed to help the barrel of West Texas Intermediate stage a recovery. As of writing, the WTI was down 13.2% on the day at $11.30.
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