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  4. IEA Warns OPEC+ Supply Cut May Push Global Economy to Brink of Recession
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IEA Warns OPEC+ Supply Cut May Push Global Economy to Brink of Recession

By Scott Kanowsky AiVIF.com -- A deep output cut by OPEC and its allies, including Russia, threatens to derail the growth of global supply next year and push the worldwide...
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IEA Warns OPEC+ Supply Cut May Push Global Economy to Brink of Recession © Reuters.

By Scott Kanowsky

AiVIF.com -- A deep output cut by OPEC and its allies, including Russia, threatens to derail the growth of global supply next year and push the worldwide economy closer to a broad downturn, according to a new report from the International Energy Agency.

The IEA - a key energy policy advisor for OECD countries - said the oil group's plan to slash production by 2M barrels a day will lead to higher prices and, in turn, increased market volatility. The reduction in supply will also place added pressure on the ability of countries to get their hands on key oil flows, the report argued.

"With unrelenting inflationary pressures and interest rate hikes taking their toll, higher oil prices may prove the tipping point for a global economy already on the brink of recession," the IEA wrote in its report on Thursday.

World oil demand growth is now forecast to come in at 1.7M barrels per day in 2023, down by 470K barrels a day from the IEA's previous estimate.

In 2022, global demand for oil has also dropped to 1.9M barrels per day from the level of 3.2M barrels a day expected before Russia invaded Ukraine in February. Although this figure may still seem relatively robust, the IEA warned, a sharp slowdown is now "underway," with demand anticipated to contract by 340K barrels per day in the fourth quarter compared to the same period last year.

Meanwhile, OECD commercial oil inventories remained a "steep" 243M barrels per day below the five-year average in August, despite the release of 32.8M barrels a day in government stocks.

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01-05-2024 10:45:17 (UTC+7)

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EUR/USD

1.0658

-0.0008 (-0.07%)

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157.91

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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