Jump in Iranian oil output helped balance market, IEA says

May 12, 2016 8:42 AM

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Jump in Iranian oil output helped balance market, IEA says

PARIS – The International Energy Agency says higher than expected Iranian oil production has helped stabilize the global oil market by offsetting concerns generated by wildfires in Canada and violence in Nigeria.

In its monthly report Thursday, the Paris-based IEA says global oil output rose to 32.7 million barrels a day in April, a figure boosted by Iran following the lifting of sanctions on the country.

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