The Paris based International Energy Agency (IEA), via its monthly report, says oil prices may have bottomed as high-cost producers cut. Key points Iran increased oil output by 300,000 barrels a day this year to a four-year high of 3.2 million a day in February. Iran’s return to the market has been less dramatic than the Iranians said it would be. Oil prices supported by possible producer output action, supply outages in Iraq, Nigeria, UAE. Prices also supported by signs of non-OPEC supply fall, steady demand forecast, weak US dollar. Forecasts Sees non-opec Oil output falling by 750,000 bpd in 2016 (600,000 bpd in last month's report) Sees US Oil production falling by 530,000 bpd in 2016 Leaves 2016 global Oil demand growth estimate unchanged at 1.17 mln bpd or 1.2 pct Sees H2 2016 global Oil stocks build at 0.2 mln bpd (0.3 mln bpd in previous report) Sees US Oil demand flat in 2016, but if prices maintain recent upward momentum there could be further weakness For more information, read our latest forex news.