OPEC+ cuts risk oil supply deficit, threaten economic recovery - IEA

"Consumers confronted by inflated prices for basic necessities will now have to spread their budgets even more thinly," the IEA said in its monthly oil report.The IEA said it expected global oil supply to fall by 400,000 barrels per day by the end of the year citing an expected production increase of 1 million bpd from outside of OPEC+ beginning in March versus a 1.4 million bpd decline from the producers bloc.

Rising global oil stocks may have influenced the OPEC+ decision, the IEA added, noting OECD industry stocks in January hit their highest level since July 2021 at 2.83 billion barrels.

that's the point

That is why the world is going green.

And it’s all thanks to sleepy joe!

So thier plan is working then.

…like OPEC cares about world economic recovery😵‍💫

Yep

bullish

There's more left, for the world to send the OPEC + eat the oil

If IAE hacks want more oil production they should go operate a pumpjack in Oklahoma. OPEC doesn't owe them anything.

The OPEC+ cuts may reduce oil supply and risk a deficit, but they also threaten the global economic recovery. As we work towards a more sustainable future, it's crucial to find a balance between energy security and environmental responsibility. OPEC EnergyTransition

'Romania and Ukraine two sad neighbours'

The greed is back for summer travel.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Oil slips after IEA says OPEC+ supply cut could hurt consumersOil prices edged lower on Friday after the West's energy watchdog warned that output cuts announced by OPEC+ producers could exacerbate an oil supply deficit and hurt consumers. C'mon..... you do NOT have to try and fit a story to the price... this is nonsense... I do NOT think for 1 minute that anyone had any doubt on the day OPEC+ announced this that it will NOT hurt consumers..its down tiny after it rallied 21% since late March and 8% since the cut.
Source: Reuters - 🏆 2. / 97 Read more »

WTI struggles near $82 after IEA warns of risks to global economic recoveryIn its latest oil market report published on Friday, the International Energy Agency (IEA) said that “OPEC+ supply cuts risk aggravating expected oil
Source: FXStreetNews - 🏆 14. / 72 Read more »

Oil inches up on tightening supply, IEA demand outlook to comeOil prices rose in early Asian trade on Friday, after falling 1% in the previous session, as the market weighed supportive supply conditions ahead of the International Energy Agency's monthly demand outlook.
Source: Reuters - 🏆 2. / 97 Read more »

Oil climbs on tightening supply; IEA demand outlook awaitedOil prices rose on Friday on signs of lower Russian output and tighter supplies, with the market looking ahead to the International Energy Agency's (IEA) monthly report later in the day to clarify the global demand outlook. Thanks Biden Let's go Brandon. You just said it was dumping yesterday
Source: Reuters - 🏆 2. / 97 Read more »