IEA warns supply OPEC cuts could stunt economic recovery
Global oil supply to fall by 400,000 bpd by year end IEA
World demand to climb by 2 mln bpd in 2023, IEA says

BEIJING, April 14 Reuters Oil prices rose on Friday after the West39;s energy watchdog said it expected global demand to rise to a record high this year on the back of a recovery in Chinese consumption.

The International Energy Agency IEA also warned that output cuts announced by OPEC producers could exacerbate an oil supply deficit and hurt consumers.

Brent crude futures were up 22 cents, or 0.26, to 86.31 per barrel at 1046 GMT. West Texas Intermediate crude futures WTI rose 21 cents, or 0.26, to 82.37.

Both contracts were set to post a fourth consecutive week of gains amid easing concerns over a banking crisis last month and the surprise decision last week by the Organization of the Petroleum Exporting Countries OPEC and other producers led by Russia, a group known as OPEC, to further cut output.

Brent is set to post a 1.4 weekly gain, while WTI was up 2.

In its monthly report on Friday, the IEA said world oil demand is set to grow by 2 million barrels per day bpd in 2023 to a record 101.9 million bpd, driven in most part by stronger Chinese consumption after the lifting of COVID restrictions.

Jet fuel demand accounts for 57 of the 2023 gains, it said.

But OPEC on Thursday flagged downside risks to summer oil demand as part of the backdrop for its decision to cut output by a further 1.16…