The International Energy Agency (IEA), which includes the United States as a key member, has warned that the recently announced OPEC+ oil supply cuts could push up energy prices, adding fuel to “unrelenting inflationary pressures” and tipping the world into a recession.
The agency said in its latest oil market report, released on Oct. 13, that oil demand is falling as central banks hike rates to tame soaring inflation, deepening the economic slump.
“The relentless deterioration of the economy and higher prices sparked by an OPEC+ plan to cut supply are slowing world oil demand,” the agency said.
The IEA warned that “disruptive market forces” were multiplying as the world struggles to navigate “the worst global energy crisis in history,” with the OPEC+ supply cuts pushing up prices and increasing market volatility….