Oil prices edged lower on Friday after the West's energy watchdog warned that output cuts announced by OPEC+ producers could exacerbate an oil supply deficit and hurt consumers.
Brent crude futures were down 10 cents, or 0.12%, to $85.99 per barrel at 0820 GMT. West Texas Intermediate crude futures slipped 5 cents, or 0.06%, to $82.11 a barrel.
decision last week by the Organization of the Petroleum Exporting Countries and other producers led by Russia, a group known as OPEC+, to further cut output.downside risks to summer oil demand as part of the backdrop for the 1.16 million barrels per day cut. "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.The IEA said it expected global oil supply to fall by 400,000 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 producer bloc.
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