CAIRO, Feb 14 — The International Energy Agency’s (IEA) chief Fatih Birol urged the Opec+ group of oil producers to close the gap between its words and its actions, as prices today surged to a more than seven-year high.

Speaking at an industry event in Cairo broadcast by Egyptian state television, Birol also said politicisation of gas markets in Europe helped no-one.

His comments were broadcast in Arabic on state TV.

International oil prices rose above US$96 (RM402) a barrel today to their highest in more than seven years, spurred by fears a possible invasion of Ukraine by Russia could trigger US and European sanctions that would disrupt exports of oil and gas to already tight markets.

Opec+, the Organisation of the Petroleum Exporting Countries and allied producers, which include Russia, agreed earlier this month to stick with moderate rises in output as it unwinds production curbs introduced at the height of the pandemic when demand collapsed.

As several Opec+ members have struggled to ramp up output following years of under-investment, the group has not achieved its promised monthly output increases of 400,000 barrels per day (bpd). The IEA in its last monthly report said the gap between the target and actual output had widened to 900,000 bpd.

Saudi Arabia and the United Arab Emirates are the two Opec producers with the most spare production capacity. — Reuters