The International Energy Agency said the Organization for the Petroleum Exporting Countries must increase its generation, prompting West Texas Intermediate crude oil futures to rise in value on Friday, according to Bloomberg.
Libyan rebels let go of control of Hagira, opting to hand over the high-producing oil terminal to the government of the North African nation. The IEA said OPEC must step up production during the second half of this year.
"OPEC supply actually registered a steep drop in March from February highs, but this setback looks likely to be short-lived," the IEA stated, according to the news outlet. "Prospects for OPEC output are also on the rise – though not without considerable political risk."
At 9:19 a.m. on Friday, WTI crude oil futures moderately gained 0.1 percent, a penny climb to $103.41 per barrel. Brent crude oil futures edged down 0.02 percent, a 2-cent clip to $107.44 per barrel.
Reuters reports the IEA also noted that production of the energy commodity in Iran has pushed to its top level in more than 20 months, surpassing the maximum established by western nations.
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