Oil prices may have bottomed – IEA

The Paris based International Energy Agency (IEA), via its monthly report, says oil prices may have bottomed as high-cost producers cut.

Key points

Iran increased oil output by 300,000 barrels a day this year to a four-year high of 3.2 million a day in February.

Iran’s return to the market has been less dramatic than the Iranians said it would be.

Oil prices supported by possible producer output action, supply outages in Iraq, Nigeria, UAE.

Prices also supported by signs of non-OPEC supply fall, steady demand forecast, weak US dollar.