IEA: Chronic OPEC+ Undersupply Could Propel Oil Prices Even Higher

If OPEC+ continues to fail in delivering its oil production targets amid rising demand and inventories at multi-year lows, oil prices will remain under upward pressure and are set for more volatility, the International Energy Agency (IEA) said on Friday. The gap between OPEC+ output and its target levels surged to as much as 900,000 barrels per day (bpd) in January, the IEA said in its closely watched Oil Market Report for February. This year’s estimated global growth rates remain largely unchanged, the agency said, expecting world oil demand…