In its Monthly Oil Market Report the IEA warned that the OPEC+ cuts risk creating a 'significant supply deficit'
- Apr 14, 2023, 6:26 AM CDT
The IEA also noted that growth in the U.S. shale patch is limited by supply chain bottlenecks and higher costs.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 said on Friday.
The IEA believes the recent build in commercial inventories could have played a part in the OPEC+ decision to further restrict supply.
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