IEA: World Oil Output Down on Weather; Not Iran, Nigeria Woes

Weather-related issues kept global oil supplies slightly tighter in January, rather than instability in Nigeria or the nuclear row involving Iran, the International Energy Agency said Friday.

“Despite the headline-grabbing geopolitical issues in Iran and Nigeria, actual crude supply losses of some 450,000 barrels a day in January were largely focused elsewhere and were weather-related,” the IEA said in its monthly oil market report.
Schlumberger