The OPEC+ decision to cut crude output by roughly 1.2 million barrels per day through 2023 risks “aggravating an expected oil supply deficit” later this year, the International Energy Agency said, Ben writes.
Why it matters: Their new monthly outlook warns of creating fresh headwinds in an already fragile global economy, putting upward pressure on prices.
What they’re saying: “Consumers currently under siege from inflation will suffer even more from higher prices, especially in emerging and developing economies.
Of the expected 2 million barrels per day in 2023 demand growth, “non-OECD countries, buoyed by a resurgent China, will account for 90%.” CNBC has more.
