Some countries have failed to take a constructive stance to calm soaring oil and gas prices by criticizing “artificial constraints” in energy markets, Fatih Birol, Executive Director of the International Energy Agency (IEA), said this, Report informs citing CNBC TV channel.
“I would like to emphasize that the main reason for the high prices is the position of some of the main suppliers of oil and gas. Some countries have not taken, in our opinion, a productive position on this issue,” said Fatih Birol.
“Actually, some of the major tensions in today’s markets can be seen artificial constraints. Today, on the oil markets, we see that about 6 million barrels per day of free production capacity falls on the OPEC+ countries.”
His comments came at a time when industry analysts are assessing the effectiveness of the US commitment to free oil from strategic reserves to stem the rise in fuel prices.
Members of the influential OPEC+ group have repeatedly rejected the US calls for more supply and to lower prices in recent months.
The IEA acknowledged the [timeliness] of the announcement made by the US in parallel with other countries, noting that the rise in oil prices has become a burden on consumers around the world.
“This also puts additional pressure on inflation at a time when economic recovery remains uneven and still carries a number of risks,” Birol added.
The head of the IEA stressed that this was not a collective response from the IEA. The Paris-based agency only acts to harness energy reserves in the event of major supply disruptions, he said.