Title: IEA: OPEC+ Production Cuts May Lead to Supply Shortages

The International Energy Agency stated on Friday that "the oil production cuts announced by OPEC+ producer countries this month may increase the expected supply deficit in the second half of the year and could harm consumers and the recovery of the global economy." In its monthly oil report, it noted that "consumers facing inflation in essential prices will now have to tighten their budgets even more." The agency added, "This significantly impacts economic recovery and growth," pointing out that "OPEC+ production cuts will lead to a reduction in global oil supplies by 400,000 barrels per day by the end of the year." It highlighted that "the increase in global oil inventories may have influenced OPEC+'s decision," explaining that "inventories in the Organization for Economic Co-operation and Development reached their highest level since July 2021 at 2.83 billion barrels in January."