IEA's Birol: OPEC+ supply cut insufficient to rebalance market immediately

"We continue to see extraordinary turmoil in oil markets in this "Black April" for the industry," International Energy Agency's (IEA) chief Fatih Birol tweeted out on Tuesday. "The OPEC+ supply cut is a solid start but insufficient to rebalance the market immediately due to the scale of the drop in demand."

Birol further added that countries that made the recent decision to reduce the output could act as soon as possible and consider even deeper cuts to rebalance the market.

"Countries with strategic oil reserve make capacity available to help take surplus barrels off the market," Birol added.

Market reaction

The barrel of West Texas Intermediate largely ignored these remarks and was last seen trading at $14.15.