IEA Says OPEC+ Cuts Could Derail Economic Growth ...Middle East

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 International Energy Agency (IEA) said on Friday. “Our oil market balances were already set to tighten in the second half of 2023, with the potential for a substantial supply deficit to emerge,” the agency said in its Oil Market Report for April today. “The latest cuts risk exacerbating those strains, pushing both crude and product prices higher. Consumers currently…

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