IEA Urges OPEC To Take 'necessary Steps' To Lower Oil Prices
Sumaira FH Published November 24, 2021 | 08:40 PM
The head of the International Energy Agency on Wednesday called on OPEC and its allies to take measures to help bring oil prices down to "reasonable levels".
Paris, (APP - UrduPoint / Pakistan Point News - 24th Nov, 2021 ) :The head of the International Energy Agency on Wednesday 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 percent... 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 $80 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 on Tuesday 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.
Recent Stories
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 26 April 2024
Today Gold Rate in Pakistan 26 April 2024
ICC Womens T20 World Cup Qualifier, Match 2: Ireland Women open with Comfortable ..
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
Nasreen Noori’s book ‘Popatan Jahra Khwab’ launched
Wafaqi Mohtasib inspection team visits Excise and taxation office
AJLAC announces 5th Conference titled ‘People’s Mandate: Safeguarding Civil ..
Pak-US officials engage to enhance trade, investment ties
More Stories From World
-
United by grief, families of Boeing crash victims demand justice
4 minutes ago -
Microsoft expands its AI empire abroad
14 minutes ago -
China ready to work with Pakistan to promote practical cooperation under CPEC, GDI: Luo Zhaohui
14 minutes ago -
Nuggets push Lakers to brink as Embiid's 50 points lead Sixers over Knicks
24 minutes ago -
Man City in title groove as Arsenal face Spurs test
24 minutes ago -
Philippine settlement submerged by dam reappears due to drought
24 minutes ago
-
ByteDance says 'no plans' to sell TikTok after US ban law
1 hour ago -
Oil: 'Mother of corruption' in Venezuela
1 hour ago -
ECO General Secretary urges member nations to embrace cultural wealth
1 hour ago -
China warns Blinken over deteriorating ties in talks
1 hour ago -
Famine-threatened Sudan's 'race against time' to plant crops
1 hour ago -
Microsoft, Google earnings shine as AI drives revenue
2 hours ago