The International Energy Agency (IEA) on Tuesday termed the decision of OPEC+ to cut oil production as “risky for the global economy”, saying it may push up already high prices, leading to higher import bills for nations like India.
Global oil markets were already set to tighten in the second half of 2023, with the potential for a substantial supply deficit to emerge, said Fatih Birol, head of the Paris-based energy watchdog.
Talking to reporters after a bilateral meeting with India’s Commerce and Industry Minister Piyush Goyal here, he said, “The cut of the additional production would mean that we have all the reasons to believe that there could be an upward pressure on the prices”.
