IEA says oil market was already set to tigthen in H2 | Forexlive

• Oil markets were already set to start tightening in H2 with the potential for a substantial supply deficit
• Cuts risk exacerbating a strained market and pushing up oil prices amid inflationary pressures

There was a strong consensus about a tight H2 market due to rising Chinese and Indian oil demand. How this move hits the physical market will bear out over the summer but much of it hinges on whether the economy can remain strong.