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OPEC+ cuts risk oil supply deficit, threaten economic recovery

Variety

14-04-2023 | 04:58

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OPEC+ cuts risk oil supply deficit, threaten economic recovery

Output cuts announced by OPEC+ producers risk exacerbating an oil supply deficit expected in the second half of the year and could hurt consumers and global economic recovery, the International Energy Agency (IEA) said on Friday.

"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.

"This augurs badly for the economic recovery and growth," it added.

The IEA said it expected global oil supply to fall by 400,000 barrels per day (bpd) 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.

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