Russia and Saudi Arabia’s extension of oil production cuts until the end of the year will lead to a serious deficit in the world market until the fourth quarter. believes International Energy Agency (IEA).
In its September report, the IEA noted that the Saudi-Russia alliance poses a serious threat to the oil market. The decision of the two countries to extend the cumulative production cut by 1.3 million barrels per day caused a sharp price increase; The cost of Brent oil rose to $90 per barrel.
“After oil prices remained relatively calm in August, Saudi Arabia and Russia’s decision to extend oil production and supply cuts by a total of 1.3 million barrels per day until the end of the year caused Brent to rise to a price of 10-10-10 thousand barrels above 90 dollars per barrel. triggered. 10th monthly maximum,” the IEA states.
The previous day, the price of November Brent oil futures on the London ICE exchange overcome At $92 per barrel, it reached its highest values since November 17, 2022.
Bloomberg previously to wait The worst oil shortage in the last 16 years.