The oil market could face a shortage requiring Opec countries and other big producers to raise output when they next meet in June. The International Energy Agency warned on Wednesday the surplus of supply over demand that the oil market saw in the first quarter could “flip” into a deficit in the second. While there is no disruption to oil supplies and prices are little changed yet, the IEA said, the supply outlook is “confusing”. Opec, Russia and other allied producers have been cutting output by 1.2m barrels a day since January and these countries will gather next month to decide whether to extend the pact. Opec’s own forecasts this week point to a tighter market if the group of oil-rich nations refrain from ramping up output next month.In April global oil supply fell by 300,000 b/d.Lower-than-expected oil demand growth this year will partly offset any shortage. The IEA reduced its 2019 forecast by 90,000 b/d. Financial Times

Other contents