OPEC+ and the IEA have jousted in recent months over their outlooks for global oil supply and demand.
"Oil market balances were already set to tighten in the second half of 2023, with the potential for a substantial supply deficit to emerge," the IEA said in its monthly oil report. Rising global oil stocks may have influenced the OPEC+ decision, the IEA added, noting the Organisation for Economic Cooperation and Development industry stocks in January hit their highest level since July 2021 at 2.83 billion barrels.
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