IEA: Oil Bears Are Disregarding An Imminent Supply Shortage

The decline in oil prices over the past few weeks contrasts with an expected tightening of the market later this year when demand exceeds supply by nearly 2 million barrels per day (bpd), the International Energy Agency (IEA) said on Tuesday. Since the middle of April, oil prices have lost all the gains from OPEC+’s latest announcement of new production cuts. Early on Tuesday, WTI Crude traded at around $71 per barrel, down from more than $80 a barrel in the days following OPEC+’s surprise news of more than 1 million bpd cuts between…