Crude Prices Likely To Rise A Lot More With OPEC+ Decision: IEA Chief

Global crude oil prices are now a lot more likely to rise after OPEC+ extended the cuts into 2024 and Saudi Arabia announced an additional reduction of 1mbpd for at least July, Fatih Birol, IEA Executive Director, was quoted by CN Wire.

• Birol further said the market would already expect an imbalance in oil market in the second half of this year and OPEC’s new measures will deepen the supply-demand gap.
• The IEA and OPEC have remained at odds with their outlook on the market so far this year, publicised in their respective monthly reports as well as in interviews. The IEA has previously criticized OPEC for constricting supplies excessively and worsening inflationary pressures on the global economy.