The International Energy Agency warned in its monthly report that the “OPEC +” decision to cut production has led to higher oil prices and could push the global economy into recession.
The agency said in the report: “In light of the repercussions of continuing inflationary pressures and rising interest rates, rising oil prices could represent the turning point for a global economy that is already on the brink. of the recession.“.
The agency estimates that the real reduction in production of the “OPEC +” alliance will be around one million barrels per day, starting next November.
And the International Energy Agency has lowered its forecasts for global oil demand growth in the current and coming years as fears of a global economic downturn grow. It said it has reduced the volume of oil demand growth for the current year to 1.9 million barrels per day, 60,000 barrels per day less than previously expected..
The report says the agency cut its oil demand growth forecast in 2023 by 1.7 million barrels per day, less than 470,000 barrels per day from the previous forecast..
The agency expects total oil demand to reach 99.6 million barrels per day this year and 101.3 million barrels per day in 2023..
And the “OPEC +” group decided, in its last meeting, to reduce the group’s oil production by two million barrels a day, in light of fears of an economic recession, which would affect the world demand for black gold.
(Russia today)
