IEA urges Opec to take ‘necessary steps’ to lower oil prices

The logo of the Organisation of the Petroleum Exporting Countries (Opec) is seen outside their headquarters in Vienna December 7, 2018. — Reuters pic
The logo of the Organisation of the Petroleum Exporting Countries (Opec) is seen outside their headquarters in Vienna December 7, 2018. — Reuters pic

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PARIS, Nov 24 — The head of the International Energy Agency today called on Opec and its allies to take measures to help bring oil prices down to “reasonable levels”.

“I very much hope to see in the next meeting or meetings they... make the necessary steps in order to comfort the global oil markets and help bring the prices down at reasonable levels,” Fatih Birol told reporters.

The head of the IEA, which unites oil consuming nations, took aim at Russia in particular.

“Russia can easily increase exports to Europe about 15 per cent... and significantly comfort the European gas markets,” said Birol.

Natural gas prices in Europe have surged this year and Russia, the region’s major supplier, has been slow to step up deliveries.

Opec nations and their allies, including Russia, are slowly increasing their output each month towards pre-pandemic levels.

They have declined to move faster despite a jump in prices to over US$80 (RM336) per barrel, a level that many analysts worry could undermine the global economic recovery. 

The United States and a handful of other oil consuming nations announced yesterday a release of their strategic oil reserves in a bid to blunt soaring prices at the pump that are biting into consumers pocketbooks and pushing up transportation costs.

Global crude prices rose further as the move was less ambitious than anticipated. — AFP

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