The IEA was already expecting an imbalance in the oil market in the second half of the year, this is going to make it worse.
- Jun 05, 2023, 8:59 AM CDT
Fatih Birol, the Executive Director of the IEA, has warned that oil prices are now likely to move higher due to the OPEC+ decision. On Sunday, the OPEC+ producers decided to keep the current cuts until the end of 2024, while OPEC’s top producer and the world’s largest crude oil exporter, Saudi Arabia, said it would voluntarily The IEA has been warning this year that supply cuts risk increasing oil and energy prices at a time of heightened uncertainty.
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