IEA warns of much tighter oil market unless OPEC+ boosts supply

With negotiations at a deadlock and oil inventories falling below average levels in 2015-2019, the current output level is falling short of the IEA's second-quarter consumption projections, and the 400,000 barrels-a-day hike under consideration will do little to bridge the gap between supply and demand.

Photo: Ramzi Boudina/Reuters/Ritzau Scanpix

Global oil markets are set to "tighten significantly" unless the OPEC+ alliance resolves its standoff and agrees to increase production, the International Energy Agency warned.

Deadlocked by a dispute between Saudi Arabia and the United Arab Emirates, OPEC+ is set to keep output levels unchanged next month even as fuel consumption bounces back from the pandemic and summer driving demand peaks.

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