Brent crude futures edged up 13 cents to $72.65 a barrel.
"In 2022 there is scope for the 24-member OPEC+ group, led by Saudi Arabia and Russia, to ramp up crude supply by 1.4 million barrels per day (bpd) above its July 2021-March 2022 target," the IEA said.
The rise in idle primary refining capacity in May was planned mostly due to extension by 34 days of the maintenance period for the CDU-6 unit at Rosneft's Ufa refinery, Refinitiv data showed.
The offline capacity for April has been revised down by 2.5%from the previous plan to 3.37 million tonnes.
