The world will require very little extra oil from OPEC this year as booming U.S. output will offset falling exports from Iran and Venezuela, the International Energy Agency said.

The IEA, which coordinates the energy policies of industrial nations, said there was “scope for other producers to raise supply” to fill the gap left by lower production from Iran due to tightening U.S. sanctions.

The monthly report said higher output from producers outside the Organization of the Petroleum Exporting Countries, especially from the US in the second quarter, would keep the market well supplied.