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Eastern Economic Forum

IEA expects significant market shortage of oil in Q4

Russia extended the voluntary reduction in oil supplies by 300,000 bpd till the end of the year in early September

MOSCOW, September 13. /TASS/. Russia and Saudi Arabia's agreement to cut oil production and supplies until the end of the year will result in a significant deficit on the global market in the Q4, the International Energy Agency's (IEA) said in its September report.

According to the IEA, the Saudi-Russian partnership poses a significant challenge to oil markets. After oil prices were relatively stable in August, with volatility at multi-year lows, Saudi Arabia and Russia's decision to extend oil production and supply cuts by 1.3 mln bpd until the end of the year triggered a price surge of North Sea Dated to a 10-month high above $90 per barrel, the report said.

Russia extended the voluntary reduction in oil supplies by 300,000 bpd till the end of the year in early September, while Saudi Arabia chose to extend the voluntary reduction of oil production by 1 mln bpd for the same period.

The 8th Eastern Economic Forum (EEF) is held in Vladivostok on September 10-13, 2023. The slogan for this year’s forum is: On the Path to Partnership, Peace and Prosperity. The Roscongress Foundation is the event organizer; TASS is the EEF’s general information partner.

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Eastern Economic Forum

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