LONDON: Oil production target cuts announced by the OPEC+ group over the weekend risk exacerbating a strained market and pushing up oil prices amid inflationary pressures, the Interational Energy Agency (IEA) said on Monday.

“Global oil markets were already set to tighten in the second half of 2023, with the potential for a substantial supply deficit to emerge,” the Paris-based energy watchdog said in a statement.

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“The new OPEC+ cuts risk exacerbating those strains and pushing up oil prices at a time when strong inflationary pressures are hurting vulnerable consumers around the world.”