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World Oil Supply Posts Sharp Decline in January
World oil supply in January posted a sharp decline of 1.4 million barrels per day month on month after an Arctic blast shut in production in North America and as OPEC+ deepened output cuts, the International Energy Agency (IEA) stated in its latest oil market report (OMR). “Extreme weather conditions shut in more than 900,000 barrels per day of production across North America,” the IEA said in its February OMR. “The steep loss coincided with fresh OPEC+ voluntary output cuts of around 300,000 barrels per day, resulting in a massive 1.4 million barrel per day month on month decline in global oil supply,” it ... (full story)