IEA boss urges oil producers to ease supply concerns

The headquarter of the International Energy Agency. Photo: Twitter

Casablanca, Morocco – (ADV) – Major oil producers should take “the right steps” to ease provide considerations that have raised crude costs to a four-year high, the pinnacle of the International Energy Agency told Reuters on Thursday.

“It is currently time for all the players, particularly those key producers and oil exporters, to contemplate matters and take the proper steps to comfort the market, otherwise I do not see anybody benefiting,” IEA administrator Fatih Birol in an interview.

The rise in oil costs to quite $85 a barrel and considerations over international trade square measure golf shot significant pressure on rising economies, he said.

The recent rally in crude prices was driven by concerns over tightening supplies as exports from Iran dropped sharply before the start of renewed U.S. sanctions on Tehran next month.

The Organization of the Petroleum Exporting Countries, led by Saudi Arabia, and non-member Russia have pledged to boost production.

The Paris-based IEA, set up in 1974 by Western economies to manage supply shocks, is not considering any release of emergency stocks but is closely monitoring the markets, Birol said.

© Bur-csa – S.E – African Daily Voice (ADV)