Reduced oil deliveries from countries such as Saudi Arabia and Russia will create a “significant supply shortage” from October through December. The International Energy Agency (IEA) warns about this in its monthly oil report.
Inventories will reach “uncomfortably low levels,” potentially causing oil prices to rise even further.
The IEA expects production cuts to cause a daily shortage of 1.2 million barrels on the global oil market in the second half of this year. The agency assumes that the oil demand is 1.5 million barrels more than in the first six months of this year.
Countries in the OPEC+ oil cartel speak of a deficit of more than 3 million barrels per day. Saudi Arabia and Russia are part of the OPEC+ countries.
Oil prices have been higher since the end of June due to production restrictions by the oil cartel and especially by Saudi Arabia and Russia. The two countries recently announced that they will limit production until the end of this year.
The price of Brent oil has now risen to 92 dollars per barrel, equivalent to about 85 euros. Over the past ten months, the price of Brent, the benchmark for oil from Europe, Africa and the Middle East, has not been as high as it is now.