Saturday, April 20, 2024
Today's News
Saturday, April 20, 2024
Today's News

IEA should be ‘very careful’ about undermining key oil investments, says OPEC chief

IEA should be ‘very careful’ about undermining key oil investments, says OPEC chief

Al-Ghais states finger-pointing is ‘counterproductive’.

RIYADH: The secretary-general of the Company of the Petroleum Exporting Countries, Haitham Al-Ghais, said on Thursday the International Power Agency need to be “very mindful” concerning preventing financial investment in the oil industry, which was important for global economic growth.

Responding to the most up to date IEA remarks slamming OPEC and also OPEC+, Al-Ghais claimed such comments could result in oil market volatility in the future.

The OPEC principal stated the oil producers’ team and also its allies “are not targeting oil prices” however focusing on market fundamentals.

” The IEA recognizes quite possibly that there is a convergence of factors that influence markets. The ripple effects of COVID-19, monetary plans, stock motions, algorithm trading, product trading consultants and SPR releases (coordinated or uncoordinated), geopolitics, to name a few.”.

Finger-pointing and also misrepresenting the actions of the oil merchants and also their allies were “disadvantageous,” he claimed.

IEA Executive Director Fatih Birol has been essential of the OPEC+ team’s announcement previously this month of production cuts of 1.66 million barrels each day from May till the end of 2023.

If anything will certainly cause future volatility it is the IEA’s repeated contact us to quit purchasing oil.

Oil costs rose above $80 a barrel on the back of the choice, having actually fallen as low as $70 per barrel last month.

Brent crude was trading at $77.99 a barrel at 0947 GMT, while US West Texas Intermediate crude went to $74.52.

Birol, in a meeting with Bloomberg on Wednesday, stated OPEC ought to be careful about pushing oil prices up as that would certainly convert right into a weak global economic climate.

On Thursday, Al-Ghais claimed criticizing oil for inflation was “erroneous and practically wrong.”.

” If anything will certainly result in future volatility it is the IEA’s repeated phone call to quit purchasing oil, understanding that all data-driven expectations envisage the demand for more of this priceless asset to sustain global economic growth and success in the decades to find, especially in the establishing world.”.

OPEC+ and the IEA have actually jousted in current months over their outlooks for worldwide oil supply and also demand.

OPEC+ decided in 2014 it would certainly quit using data from the West’s power guard dog when evaluating the state of the oil market.

Last Updated: 28 April 2023

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