IEA flags risk of higher oil prices, cuts 2024 demand view

The International Energy Agency (IEA) on Friday said OPEC+ supply cuts could erode inventories in the rest of this year, potentially driving prices even higher, before economic headwinds limit global demand growth in 2024.

Tighter supply driven by OPEC+ oil output cuts and rising global demand has underpinned a rally in oil prices, with Brent crude hitting highs of over $88 a barrel on Thursday, the highest since January.