The International Energy Agency made a direct appeal to Opec and other major oil producers to boost output, warning that prices are inflicting damage on the global economy.
“We should all see the risky situation, the oil markets are entering the red zone,” IEA Executive Director Fatih Birol said Tuesday. “We should try to comfort the markets all together because it may be bad news for the consumers, importers today, but I believe it may well be bad news for the producers tomorrow.”
The IEA, which advises most major economies on energy policy, said last week that rising crude prices may dent demand in some of the world’s fastest-growing nations unless producers take steps to boost supplies.
Birol has welcomed efforts by top Opec producer Saudi Arabia to increase output, but believes market tightness is likely to persist. Read More