Saudi Oil Cuts to Lead to Significant Supply Shortfall in 2023, IEA Says - The Wall Street Journal
Saudi Oil Cuts to Lead to Significant Supply Shortfall in 2023, IEA Says - WSJ
Sept. 13, 2023 4:38 am ET
Saudi Arabia’s decision to extend cuts to crude oil output until the end of the year is likely to lead to a significant supply shortfall for the rest of the year, keeping prices higher at the pump, according to the International Energy Agency.
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Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.