THE International Energy Agency (IEA) urged the Organisation of the Petroleum Exporting Countries (Opec) and its allies to address a widening shortfall in their oil production as a volatile market sends crude prices rocketing toward $100 a barrel.
While fuel consumption is bouncing back from the pandemic, the 23-nation alliance led by Saudi Arabia and Russia is struggling to restore output it halted. Members need to fix the issue as the supply gap versus their target spirals toward 1 million barrels a day, IEA Executive Director Fatih Birol told a conference in Riyadh via video-link.
“There is a significant difference between the targets that Opec+ countries set in terms of their production levels and what is produced today,” Birol told the meeting hosted by the International Energy Forum. “Therefore it is important that Opec+ countries narrow this gap” and “hopefully provide more volumes to the market in order to reduce volatility.”
Plagued
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