IEA Chief Birol: Cutting production significantly by key producers may have some negative implications for markets

International Energy Agency (IEA) chief Fatih Birol was out with some comments on growing prospects of oil production cut by OPEC, and its allies, and said that cutting production significantly by key producers may have some negative implications for markets. 

Additional quotes: 

   •  Appeal to producers to have common sense in these difficult days.
   •  Exemptions by the US for Iran were above market expectation, as a result, we saw prices going down.
   •  Strong growth of the US shale was also seen contributing to the recent fall.