The oil market will fall into a far larger oil deficit sooner than expected following surprise production cuts from some of OPEC’s leading members, the International Energy Agency said Friday.

The gaping hole in the global oil market between the availability of crude and rebounding demand will reach 2 million barrels a day by the third quarter of the year, the Paris-based energy watchdog said in a closely followed monthly report.

Saudi-Led Oil Cuts Risk Fueling Inflation and Harming Global Economy, IEA Says

Related news

Crypto Exchange Gemini Ventures Outside the US With Plans for Derivatives Platform

‘It can be incredibly profitable’: the secret world of fake online reviews

Deloitte’s global chair to stand down from board of embattled CBI

‘They just need land’: young farmers struggle to find affordable acreage

US hotel workers face unwelcome guests: union busters hired by bosses

Gone in seconds: rising text message scams are draining US bank accounts

Americans Escaping Pricey Cities Bring Higher Housing Costs, Inflation With Them

SafeMoon hacker agrees to return 80% of stolen funds: Finance Redefined

‘Our credibility must be safeguarded’: Cyprus in turmoil after Russia sanctions

BNB Chain's Red Alert Flags 191 High-Risk Projects

Marathon mortgages of up to 40 years on rise among UK first-time buyers

Nifty News: Yuga Labs scores court battle win, Mandala Metaverse to drop on Polkadot and more…

Do Kwon lawyers reportedly dismiss SEC's securities fraud allegation

Former US Secret Service Asst. Director: Keep personal info of FTX users private

Innovate some compliance mechanisms, US Treasury official tells DeFi community

Ethereum is going to transform investing

Lack of regulatory clarity on payment solutions could undermine US sanctions, says expert

Global Economy Gets Boost but Inflation Worries Linger

Flow Secures $3M Seed Funding To Build A Rollup Centric NFT Ecosystem.

How David Rojas Leverages Marketing Funnel Industry with Innovative Solutions for Inflation and Lean Operations

Spreading misinformation about Changpeng Zhao 'was the norm' for SBF, says Binance CSO