The oil market will fall into a far larger oil deficit sooner than expected following surprise production cuts from some of OPEC’s leading members, the International Energy Agency said Friday.

The gaping hole in the global oil market between the availability of crude and rebounding demand will reach 2 million barrels a day by the third quarter of the year, the Paris-based energy watchdog said in a closely followed monthly report.

Saudi-Led Oil Cuts Risk Fueling Inflation and Harming Global Economy, IEA Says

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