OPEC Data Show Oil Cuts Will Cause Widening Supply Shortfall
- Cutbacks will help whittle down surplus seen this quarter
- Curbs may also cause 2 million-barrel draw in fourth quarter
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Oil supply cuts agreed by OPEC+ nations last week are putting global markets on track for a hefty supply deficit that will widen as the year progresses, the latest data from the group indicate.
World markets may be under supplied by about 2 million barrels a day in the fourth quarter as a result of cutbacks announced by Saudi Arabia and its partners, according to figures in a report from the Organization of Petroleum Exporting Countries.