OPEC accused the International Energy Agency of fueling instability in the oil market
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The Secretary General of the Organization of Petroleum Exporting Countries (OPEC) accused the International Energy Agency (IEA) of fueling instability in the energy markets.
About this informs Financial Times.
OPEC Secretary General Haitham al-Ghais accused the IEA of shifting responsibility. The statement came after the agency warned that an unexpected production cut announced earlier by the oil cartel could lead to a spike in inflation.
Al-Ghais also criticized the IEA for hindering investment in new oil and gas projects.
“If anything will lead to future volatility, it is the IEA’s repeated calls to stop investing in oil,” he said.
OPEC says that OPEC’s production cut is “not aimed at oil prices” but is focused “exclusively on market fundamentals and ensuring vital investments in the oil industry.”
We remind you:
The IEA warns that the situation on the oil market may become more complicated in the coming months, as production cuts by OPEC+ will lead to an increase in oil prices.
Saudi Arabia and a number of other OPEC+ countries on April 2 announced about the further reduction of oil production by approximately 1.16 million barrels per day
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