The head of the International Energy Agency (IEA) told the Financial Times that its members were ready to release more oil from emergency reserves to curb its ever-rising prices.
In particular, Fatih Birol said the coordinated release of 60 million barrels last week from the US and other countries was an “initial response” corresponding to only 4% of total strategic stocks, stressing that “we are monitoring the markets and are ready to release as much oil as needed. ”
Mr Birol added that talks were under way with oil-producing countries in the Middle East, Latin America and Asia to boost production.
At the same time, he criticized the attitude of OPEC +, saying that “Saudi Arabia, the United Arab Emirates and some other producers in the Middle East have a significant volume of production capacity and I would expect from the last meeting of OPEC + that these countries would send some positive messages.” , describing the meeting as “disappointing, from a market point of view”.
Source: Capital
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