Global oil markets are adequately supplied with “comfortable” levels of spare production capacity, according to the International Energy Agency, ahead of US moves to tighten its oil sanctions on Iran in May. The Paris-based energy market watchdog estimated global spare production capacity has recently risen to 3.3 million b/d, with 2.2 million b/d held by Saudi Arabia and around 1 million b/d by the United Arab Emirates, Iraq and Kuwait. The US on Monday said sanctions waivers granted to eight major buyers of Iranian oil would expire on May 2. The US, which has accused Iran of destabilizing activities in the Middle East, said it intends to impose “maximum economic pressure” on Tehran through its sanctions, which are aimed at blocking all of the country’s oil exports. Front-month Brent crude prices hit their highest level […]