IEA Says OPEC+ Production Cuts Could Derail Global Economic Growth

The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016. REUTERS/Ramzi Boudina/File Photo 

CNBC: Surprise oil output cuts from OPEC+ could hurt consumers and derail the economic recovery, IEA warns 

* In its latest monthly oil market report, the IEA said the energy alliance’s self-described “precautionary move” was likely to spell bad news for consumers at a time of heightened economic uncertainty. 

* “Consumers confronted by inflated prices for basic necessities will now have to spread their budgets even more thinly,” the IEA said. “This augurs badly for the economic recovery and growth.” 

* Several OPEC+ members announced on April 2 that they were set to tighten global production by an additional 1.16 million barrels per day until the end of the year. 

The International Energy Agency on Friday warned surprise oil output cuts from the OPEC+ producer group risk exacerbating a projected supply deficit and could scupper an economic recovery.

In its latest monthly oil market report, the IEA said the energy alliance’s self-described “precautionary move” was likely to spell bad news for consumers at a time of heightened economic uncertainty. 

“Consumers confronted by inflated prices for basic necessities will now have to spread their budgets even more thinly,” the IEA said. “This augurs badly for the economic recovery and growth.”  

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IEA Says OPEC+ Production Cuts Could Derail Global Economic Growth 

OPEC+ cuts risk oil supply deficit, threaten economic recovery -IEA -- Reuters 

IEA Says OPEC+ Cuts Could Derail Economic Growth -- OilPrice.com  

IEA issues warning over OPEC+ cuts -- RT  

OPEC Cuts Will Slash Global Oil Supplies: IEA. That's a Problem for Inflation. -- Barrons