Reduced oil deliveries from countries such as Saudi Arabia and Russia will create a “significant supply shortage” from October through December. The International Energy Agency (IEA) warns about this in its monthly oil report.
Inventories will reach “uncomfortably low levels,” potentially causing oil prices to rise even further.
The IEA expects production cuts to cause a daily shortage of 1.2 million barrels on the global oil market in the second half of this year. The agency assumes that the oil demand is 1.5 million barrels more than in the first six months of this year.
Countries in the OPEC+ oil cartel speak of a deficit of more than 3 million barrels per day. Saudi Arabia and Russia are part of the OPEC+ countries.
