IEA warns of economic risks from surprise OPEC+ oil output cuts.
TL;DR Summary
The International Energy Agency (IEA) has warned that the surprise OPEC+ cuts could push the oil market into an even higher supply deficit later this year and weigh on consumers and global economic recovery and growth. The IEA believes the recent build in commercial inventories could have played a part in the OPEC+ decision to further restrict supply. China’s resurging demand is set to drive global oil demand up by 2 million bpd in 2023 to a record 101.9 million bpd, but the OPEC+ cuts risk creating a significant supply deficit.
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- Crude Oil Prices Fall by 1% Despite Reaching Multi-Month Highs | World Business Update WION
- Oil slips after IEA says OPEC+ supply cut could hurt consumers msnNOW
- Saudi-Led Oil Cuts Risk Fueling Inflation and Harming Global Economy, IEA Says The Wall Street Journal
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