IEA Warns Of Higher Oil Prices After OPEC+ Announcement

Oil prices are now a lot more likely to rise after OPEC+ extended the cuts into 2024 and Saudi Arabia announced an additional reduction of 1 million bpd for July, Fatih Birol, the Executive Director of the International Energy Agency (IEA), was quoted as saying on Monday. Expectations already were that there would be an imbalance in the oil market in the second half of the year; now the supply-demand gap will worsen, CN Wire quoted Birol as saying. On Sunday, the OPEC+ producers decided to keep the current cuts until the end of 2024, while OPEC’s…