In an interview with the Financial Times (FT), the International Energy Agency (IEA) Executive Director Faith Birol urges the oil-producing nations to increase production further, in an attempt to reign in the oil-price rally.
Key Quotes:
“Some countries have been making efforts to increase production but this is far from comforting the markets right now.”
“My expectation and hope is that all the producers are aware of the sensitive situation and make their best efforts.”
“Higher energy prices might seem to be good news for exporters today but tomorrow it will hurt their economies as well because of lower demand growth.”
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