Oil cuts by Saudi Arabia and Russia will cause a 'significant' global supply shortfall through the end of the year, raising the risk of further market volatility, the International Energy Agency said Wednesday.
Oil cuts by Saudi Arabia and Russia will cause a"significant" global supply shortfall through the end of the year, raising the risk of further market volatility, the International Energy Agency said Wednesday.
In an effort to prop up prices, Saudi Arabia and Russia, its ally in the wider OPEC+ group, announced earlier this month that they would extend voluntary cuts until the end of the year. "Oil stocks will be at uncomfortably low levels, increasing the risk of another surge in volatility that would be in the interest of neither producers nor consumers, given the fragile economic environment," it added.
The IEA said world oil demand remains on track to grow by 2.2 million bpd to 101.8 million bpd this year, partly due to resurgent Chinese consumption and jet fuel.
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