IEA warns of potential harm to consumers and economy from surprise OPEC+ oil output cuts.
TL;DR
The International Energy Agency (IEA) has warned that the surprise oil output cuts from the OPEC+ producer group could worsen the projected supply deficit and derail the economic recovery. The IEA said that the energy alliance's "precautionary move" could spell bad news for consumers at a time of heightened economic uncertainty. The cuts add to Russia's existing plans to trim 500,000 barrels per day of its production from March until at least the end of the year. The combined voluntary cuts of OPEC+ members will be in excess of 1.6 million barrels per day.
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