The unexpected decision to reduce production announced on April 2 by the International Energy Agency (IEA), Organization of Petroleum Exporting Countries (OPEC) and OPEC+, which is composed of countries acting together, may lead to a shortage of oil supply in the second half of the year, thus harming consumers and the global economic recovery. explained.
In the IEA monthly oil report, “Consumers who are exposed to price increases in basic necessities will have to push their budgets further. This will have a negative impact on economic recovery and growth,” he said.
The IEA has predicted that global oil supply will decrease by 400,000 barrels per day by the end of the year. The IEA expects producers outside the OPEC+ group to increase production by one million barrels a day, starting from March, despite OPEC+’s reduction of production by 1.4 million barrels per day.