The International Energy Agency said Monday that the targeted cuts in oil production announced by the OPEC+ group raise the risk of exacerbating market turmoil and higher oil prices amid inflationary pressures.
“Global oil markets were already heading for a deficit in the second half of 2023 with the possibility of a large supply shortage,” the Paris-based agency said in a statement.
“New OPEC+ cuts raise the risk of these turmoil exacerbating and higher oil prices at a time when strong inflationary pressures are hurting vulnerable consumers around the world,” the statement said.
