IEA warns of ‘small cushion’ in oil markets, expects supply shortfall to deepen

The oil market has “only a small cushion” due to dwindling spare capacity and shrinking stocks, the International Energy Agency said Feb. 11, cautioning that the supply shortfall could deepen if OPEC+ continues to struggle to raise output. “If the persistent gap between OPEC+ output and its target levels continues, supply tensions will rise, increasing the likelihood of more volatility…