According to Bloomberg, the International Energy Agency said that oil prices have passed their lowest point as shrinking supplies outside of OPEC eat into the global surplus.

Bloomberg reported that production from outside OPEC will decline by 750,000 barrels a day this year, an increase of 150,000 barrels a day compared to previous estimations.

Bloomberg noted that the restoration of production in Iran following international sanctions was offset in February by declines in Iraq, Nigeria and the United Arab Emirates.