Saudi Oil Cuts to Lead to Significant Supply Shortfall in 2023, IEA Says
Headline from Wall Street Journal
Saudi Arabia’s decision to extend cuts to crude oil output until the end of the year is likely to lead to a significant supply shortfall, keeping prices higher, IEA said.
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Saudi Arabia’s decision to extend cuts to crude oil output until the end of the year is likely to lead to a significant supply shortfall, keeping prices higher, IEA said.
In an effort to prop up prices, Saudi Arabia and Russia announced earlier this month that they would extend voluntary cuts until the end of the year - Copyright FORD MOTOR COMPANY/AFP JEFF KOWALSKYOil cuts by Saudi Arabia and Russia will cause a “significant” global supply shortfall through the end …
The International Energy Agency expects a significant supply shortfall for the rest of this year and says low inventories could lead to market volatility.
Oil is rising back above $90 per barrel after the extension of OPEC+ output cuts, but any renewed complaints about oil supply are likely to fall on deaf ears in Riyadh
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