Oil price warning from the International Energy Agency

In the IEA statement, it was indicated that the new production cut decisions announced by the OPEC+ countries were taken at a time when uncertainties about world oil markets and concerns about the outlook for the world economy increased. .

“RISK IS INCREASING”

In the statement, noting that the predictions of the IEA and other related institutions are that there will be a tightness in the world oil markets in the second half of this year, “This situation also has the potential to create a significant gap in the offer. . At a time when strong inflationary pressures are hurting fragile consumers around the world, especially in emerging economies, further production cuts by OPEC+ countries risk exacerbating these tensions and pushing up oil prices. Petroleum”. has been warned.

OIL DECISION OF THE OPEC+ COUNTRIES

Yesterday, the official news agency of Saudi Arabia, SPA, based on sources from the Ministry of Energy, stated that Saudi Arabia decided to reduce its daily oil production by 500,000 barrels from May to the end of the year in coordination with the countries of the OPEC+.

Russian Deputy Prime Minister Aleksandr Novak also said they will reduce oil production by 500,000 barrels a day until the end of the year, compared to February production.

Iraq has announced that it will cut 211,000 barrels, the United Arab Emirates 144,000, Kuwait 128,000, Kazakhstan 78,000, Algeria 48,000, Oman 40,000 and Gabon 8,000 barrels.

With these developments, OPEC+ countries will have cut approximately 1.6 million barrels per day from May, on top of the current production cut of 2 million barrels per day. (AA)