Saudi Arabia Undermines The OPEC Deal By Increasing Production

By Nick Cunningham With the oil markets rattled after sharp losses in recent days, the IEA is telling everyone to slow down and stay the course, as the OPEC cuts will take time to work. In its latest Oil Market Report, the Paris-based energy agency said the “market needs time for the full impact of the big supply cuts under the output reduction agreements to be felt.” The IEA did not make any significant alterations to its forecast for the year, still predicting a supply deficit in the first half of the year. Demand growth of 1.4 million barrels per day…

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