International Energy Agency Warns of Market Disruption; White House Responds

The International Energy Agency announced today, Monday, that the targeted oil production cuts announced by the OPEC+ group at the beginning of the week pose a risk of exacerbating market disruption and pushing oil prices higher amid inflationary pressures, while expectations were already indicating a tight supply. The White House commented on the agency's announcement, stating, "We do not believe that OPEC's production cuts are appropriate given the market uncertainty." National Security Council Strategic Communications Coordinator John Kirby mentioned that the White House communicated this to OPEC. He added that the United States will continue to work with producers and consumers to ensure growth and reduce prices for consumers.