OPEC+ cuts to tighten oil market sharply in fourth quarter, IEA says

Oil output cuts which Saudi Arabia and Russia have extended to the end of 2023 will mean a substantial market deficit through the fourth quarter, the International Energy Agency said on Wednesday, as it largely stuck by its estimates for demand growth this year and next.

“But from September onwards, the loss of OPEC+ production... will drive a significant supply shortfall through the fourth quarter,” it said in its monthly oil report. Still, oil demand at the world’s biggest oil importer has so “far remained remarkably unaffected by its economic downturn”, the IEA said.

Both the IEA and OPEC – in its monthly report published on Tuesday – are optimistic about Chinese demand over the course of 2023, leaving their global demand estimates for this year and next largely unchanged.

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