Economy

OPEC+ decision to maintain policy is ‘disappointing’, says IEA

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Thu, 2022-03-03 17:57

RIYADH: The International Energy Agency has expressed its disappointment over the decision of the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, to maintain oil output. 

Despite the surge in prices amid mounting supply fears due to the Ukraine crisis, the group agreed on Wednesday to stick to the existing policy of gradual oil output rises by 400,000 barrels per day in April.

The IEA’s executive director Fatih Birol said despite the “disappointing” outcome of OPEC+ meeting “we have more than enough stocks to take further action if warranted” in the market as prices soar to decade highs, Reuters reported. 

During the last two days, oil prices have soared, with WTI topping $115 a barrel and European benchmark Brent North Sea crude closing in on $120.

On Tuesday, the energy organization’s members agreed to release 60 million barrels of oil from emergency reserves to stabilize the market following Russia’s invasion of Ukraine. 

Established in 1974, the Paris-based organization was created to ensure supply security for its 31 members. 

Main category: 
Business & Economy
Tags: 
OPEC+
International Energy Agency (IEA)

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