Developing Countries May Bear Brunt of Oil Cuts – OPEC

Developing Countries May Bear for Oil Cuts' Brunt – OPEC (News Central TV)

The International Energy Agency (IEA) has warned that developing countries may bear the brunt of oil production cuts by OPEC.

The IEA stated that the cuts could lead to higher oil prices, which would disproportionately affect developing countries that rely heavily on oil imports.

Developing Countries May Bear for Oil Cuts' Brunt – OPEC (News Central TV)
FILE PHOTO: A worker pumps fuel at a gas station of state-run oil firm PDVSA, in Caracas, Venezuela, December 2, 2022. REUTERS/Gaby Oraa

The IEA also noted that the cuts could lead to a shift towards renewable energy sources, which could benefit developing countries in the long run. It urged OPEC to consider the impact of its policies on developing countries and to work towards a more sustainable energy future.

The warning comes as OPEC and its allies continue to implement production cuts in an effort to support oil prices.

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