IEA said on Wednesday that the continued deterioration in the economy, coupled with a rise in oil prices triggered by the OPEC+ production cut plan, is slowing global oil demand, and the rise in oil prices may be already on the brink of recession amid ongoing inflationary pressures and the impact of higher interest rates. A turning point in the global economy.
The dire warning from the IEA underscores its differences with Saudi Arabia.
The IEA said the actual cut could be around 1 million bpd, rather than the 2 million bpd announced by OPEC+. Capacity constraints in other OPEC members mean that Saudi Arabia and the United Arab Emirates will shoulder most of the cuts, while new G7 and EU sanctions on Russia could further tighten global supplies.
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