OPEC+ cuts risk oil supply deficit, threaten economic recovery -IEA
Output cuts announced by OPEC+ producers risk exacerbating an oil supply deficit expected in the second half of the year and could hurt consumers and global economic recovery, the International Energy Agency (IEA) said on Friday.
OPEC+ and the IEA have jousted in recent months over their outlooks for global oil supply and demand.
Consumer countries represented by the IEA have argued that tightening supplies drive up prices and could threaten a recession, while OPEC+ blames Western monetary policy for market volatility and inflation which undercuts the value of its oil.
By Noah Browning via Reuters