May 2016, Vol. 243, No. 5

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IEA Says Iran Helps Offset Problems in Canada, Nigeria

PARIS (AP) — The International Energy Agency said Thursday that 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, the Paris-based IEA said global oil output rose to 32.7 million barrels a day in April, a figure boosted by Iran as its production increased faster than expected following the lifting of international sanctions earlier this year. The IEA is forecasting a sharp drop in the global oil supply surplus by the year’s end, which should push the market toward “much-anticipated balance” after a volatile couple of years. Oil price

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