IEA boss urges oil producers to ease supply concerns

Thursday, October 4, 2018

Major oil producers must take "the right steps" to ease supply concerns that have lifted crude prices to a four year-high, the head of the International Energy Agency told Reuters on Thursday.

"It is now high time for all the players, especially those key producers and oil exporters, to consider the situation and take the right steps to comfort the market, otherwise I don't see anybody benefiting," IEA Executive Director Fatih Birol said in a phone interview.

A rise in oil prices to more than $85 a barrel coupled with concerns over global trade are putting heavy pressure on emerging economies, he said.

"Expensive energy is back at a bad time for the global economy," Birol said.


(Reporting by Ron Bousso; editing by Jason Neely)

Categories: Energy Finance Oil

Related Stories

Three Dead in Chevron's Angolan Oil Patform Fire

BW Opal FPSO Vessel set for Work off Australia

Velesto’s Jack-Up Rig Up for Drilling Job Offshore Vietnam

ABS Greenlights SHI’s Multi-Purpose Deepwater LNG Floating Unit

Turkey Discovers New Black Sea Gas Reserve

Indonesia's Medco Starts Production at Natuna Sea Fields

Indonesia Grants Approval to Kuwaiti Firm for Anambas Block in Natuna Sea

Valeura Energy Greenlights Wassana Oil Field Redevelopment off Thailand

Shell-Reliance-ONGC JV Complete India’s First Offshore Decom Project

Woodside to Shed Some Trinidad and Tobago Assets for $206M

Current News

MODEC, Carbon Clean to Advance FPSO-Mounted Carbon Capture Tech

Aker Solutions, PTAS JV Hooks Brownfield Services Extension off Brunei

CDWE Wraps Up Pin Pile Installation Job for Taiwanese Offshore Wind Farm

BP Expands Oil and Gas Scope in Azerbaijan with New Projects and Exploration Rights

Azeri SOCAR Plans New Agreements with Oil and Gas Majors

TPAO, SOCAR and BP to Ink Caspian Sea Oil and Gas Production Deal

Fugro Lands Deepwater Gas Field Job in Southeast Asia

OMV Exits Ghasha Gas Project off UAE with Lukoil Stake Sale

China's Sinopec Laucnhes $690M Hydrogen Venture Capital Funds

CIP, ACEN Partner Up for First Large-Scale Offshore Wind Farm in Philippines

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com