IEA's Birol: OPEC+ may want to consider further output cuts

The OPEC and non-OPEC producers (OPEC+) may want to consider further output cuts to balance the oil market, International Energy Agency's (IEA) chief Fatih Birol told Bloomberg TV on Wednesday. 

"It may be advisable for OPEC+ to cut as soon as possible," Birol added.

On Tuesday, Birol tweeted out that the current supply cut agreement was not sufficient to balance the market in the near-term.

Market reaction

These comments failed to help the barrel of West Texas Intermediate stage a recovery. As of writing, the WTI was down 13.2% on the day at $11.30.