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Opec+ Cuts Add to Already Tightening Market Supply: IEA

OIL

Opec+ production cuts announced over the weekend risk exacerbating a strained market and pushing up oil prices amid inflationary pressures according to the IEA.

  • "Global oil markets were already set to tighten in the second half of 2023, with the potential for a substantial supply deficit to emerge," the IEA said.
  • "The new OPEC+ cuts risk exacerbating those strains and pushing up oil prices at a time when strong inflationary pressures are hurting vulnerable consumers around the world." it added.

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