IEA's Birol Urges OPEC+ to Narrow Gap Between Oil Targets and Production

Reuters
Wednesday, February 16, 2022

The Organization of the Petroleum Exporting Countries (OPEC) and their allies, known as OPEC+, needed to narrow the gap between their oil production targets and actual output, the International Energy Agency's (IEA) head Fatih Birol said on Wednesday.

"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 a conference in the Saudi Arabian capital Riyadh.

"It will be important for OPEC+ to narrow this gap and hopefully provide more volumes to the market," he said.

OPEC+ oil producers have raised their output target by 400,000 barrels per day (bpd) each month since August as they unwinds production curbs.

However, they have repeatedly failed to hit those targets as some producers struggle to restore output.

The IEA in its last monthly report said the gap between the target and output in January had widened to 900,000 bpd.

Brent traded at $93.19 a barrel at 0253 GMT, down 10 cents, having slid 3.3% overnight after Russia announced a partial pullback of its troops near Ukraine, yet to be verified by the United States.

On Monday, the United Arab Emirates energy minister Suhail al-Mazrouei said tensions between Russia and the West were driving oil prices rather than a fundamental shortage that would warrant accelerated output increases.

(Reporting by Aziz El Yakoubi, writing by Maha El Dahan; editing by Christian Schmollinger and Jason Neely)

Categories: Energy Industry News Activity Production

Related Stories

MODEC Ramps Up Hammerhead FPSO Work After ExxonMobil's Go-Ahead

Timor Gap Boosts Stake in Finder Energy’s Timor-Leste Oil Fields

Russia Targets 2028 for Sakhalin-3 Gas Project Start Up

Hibiscus Petroleum Starts Drilling at Teal West Field off UK

Yinson Production Nets DNV Approval for New FPSO Hull Design

Chinese Contractor Secures Offshore Oil and Gas ‘Mega Deal’ from QatarEnergy

DOF Secures Moorings Hook-Up Job in Asia Pacific

Synergy Marine Group Completes Conversion of LNG Vessel to FSRU

Seatrium Makes First Turnkey FPSO Delivery to Petrobras

CNOOC Starts Production at Offshore Field in South China Sea

Current News

Ventura Offshore’s Semi-Sub Rig to Keep Drilling for Eni in Asia

SBM Offshore, SLB to Optimize FPSO Performance Using AI

MODEC Ramps Up Hammerhead FPSO Work After ExxonMobil's Go-Ahead

Aesen, DOC JV Targets Subsea Cable Logistics

Timor Gap Boosts Stake in Finder Energy’s Timor-Leste Oil Fields

SBM Offshore Starts Construction of FSO for Trion Oil Field off Mexico

Russia Targets 2028 for Sakhalin-3 Gas Project Start Up

Seatrium Secures ABS Backing for Deepwater FPSO Design

MDL Secures Cable Laying Job in Asia Pacific

Hibiscus Petroleum Starts Drilling at Teal West Field off UK

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