Earlier this week, the International Energy Agency warned that oil markets were in a deficit that would deepen in the fourth quarter. The reason? Saudi and Russian cuts that were just extended until the end of the year. The deficit may yet deepen, but it is already causing pain to energy consumers and reigniting inflation. Just when central banks thought they'd got it under control. The latest inflation data from the United States is one recent example. A 10.6% price rise in energy drove overall inflation to an annual 3.7% in August.…
