The decision by OPEC+ in early October to curtail supply increases the risks in ensuring the stability of energy security in the world, reads the Oil Market Report – October 2022 of the International Energy Agency (IEA).
“The massive cut in OPEC+ oil supply increases energy security risks worldwide. Even taking into account lower demand expectations, it will sharply reduce a much-needed build in oil stocks through the rest of this year and into the first half of 2023,” said the report.
According to the Agency, Saudi Arabia and the UAE will reduce oil production: “Further production losses could come from Russia in December when an EU embargo on crude oil imports and a ban on maritime services go into full effect.”
https://report.az/en/energy/iea-massive-cut-in-opec-oil-supply-increases-energy-security-risks-worldwide/