Oil prices lifted as IEA warns OPEC+ cuts will leave market with bigger deficit sooner than expected

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Oil futures are on track for another round of weekly gains.

Oil futures rose Friday and were on track for another round of weekly gains after the International Energy Agency warned that OPEC+ production cuts would leave the crude market with a larger and earlier deficit this year than previously expected.

Price actionPrice action In its monthly report, the Paris-based IEA, which serves as an energy watchdog for major economies, said it expects the gap in the global oil market between the availability of crude and rebounding demand will hit 2 million barrels a day by...

Price action Price action In its monthly report, the Paris-based IEA, which serves as an energy watchdog for major economies, said it expects the gap in the global oil market between the availability of crude and rebounding demand will hit 2 million barrels a day by the third quarter. The deficit risks sending crude prices sharply higher, with non-OPEC producers unable to fill the gap.Saudi Arabia and other major oil producers earlier this month announced plans to cut production by 1.

 

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Russia wil surely make up for the shortfall

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