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Saudi Minister of Energy Prince Abdulaziz bin Salman al-Saud on Dec. 5. Photo: Joe Klamar/AFP via Getty Images

A new International Energy Agency report underscores why oil markets haven't been hugely impressed with last week's OPEC+ decision to deepen their output curbs.

Driving the news: The agency's latest closely watched monthly report projects that global oil stockpiles could increase by 700,000 barrels per day in the first quarter of 2020.

  • It also sees the "strong build in inventories" continuing in the second quarter.
  • That increase is projected even with less output from the OPEC+ countries — which deepened their cuts by 500,000 barrels per day — and slowing production growth projections for the U.S., Brazil and Ghana.

Why it matters: The projection is the latest sign of how OPEC is having a hard time exerting its sway amid the U.S. boom and other headwinds.

Where it stands: Brent crude is trading at roughly $63.97 this morning. The report notes that it was at $63-per-barrel on the eve of last week's OPEC+ meeting in Vienna.

  • "[T]he market has done its own sums and the reaction to oil’s new deal has so far been muted," IEA said.

The intrigue: The report also notes that the efficacy of the latest production-limiting deal is something of a question mark.

  • "[T]he overall effectiveness of the OPEC+ agreement depends on the willingness of all its parties to fully comply, including those whose compliance so far has been less rigorous."

Go deeper:

Go deeper

Neera Tanden withdraws nomination for Office of Management and Budget director

Neera Tanden testifying before the Senate Budget Committee in Washington, D.C., in February 2021. Photo: Anna Moneymaker/The New York Times/Bloomberg via Getty Images

Neera Tanden withdrew her name from nomination to lead the Office of Management and Budget after several senators voiced opposition and concern about her qualifications and past combative tweets, President Biden announced Tuesday.

Why it matters: Tanden’s decision to pull her nomination marks Biden's first setback in filling out his Cabinet with a thin Democratic majority in the Senate.

What's ahead for the newest female CEOs

Jane Fraser (L) and Rosalind Brewer. Photos: Jason Redmond/AFP via Getty Images; Rodrigo Capote/Bloomberg via Getty Images.

The number of women at the helm of America’s biggest companies pales in comparison to men, but is newly growing — and their tasks are huge.

What's going on: Jane Fraser took over at Citigroup this week, the first woman to ever lead a major U.S. bank. Rosalind Brewer will take the reins at Walgreens in the coming weeks (March 15) — a company that's been run by white men for more than a century.

3 hours ago - Health

Biden says U.S. will have enough vaccines for 300 million adults by end of May

President Biden. Photo: Anna Moneymaker-Pool/Getty Images

President Biden on Tuesday said that ramped-up coronavirus vaccine production will provide enough doses for 300 million Americans by the end May.

Why it matters: That's two months sooner than Biden's previous promise of enough vaccines for all American adults by the end of July.