TheCable

Fatih Birol, executive director, International Energy Agency (IEA), says members of the Organisation of Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+ — producing below their crude oil output quotas — need to pump more to stabilise oil markets.

Nigeria, Liberia, and Libya are among oil-producing countries that have failed to meet production targets.

According to Reuters, Birol spoke at an industry event in Cairo broadcasted by Egyptian state television.  

He said the politicisation of gas markets in Europe did not benefit anyone.

“The politicisation of the gas sector is not in favour of anyone, producers or consumers,” he said.

Last Friday, oil prices rallied above $95 a barrel on concerns that a possible invasion of Ukraine by Russia could prompt US and European sanctions that would disrupt exports of oil and gas to already tight markets. 

It, however, dropped $2 to $93 per barrel on Monday.

The OPEC+ alliance had decided to retain plans to add 400,000 barrels per day in March. However, the group is struggling to fulfil its pledges as oil-producing countries, including Nigeria, Libya, and Iran failed to meet their targets. 

On Friday, IEA had said Saudi Arabia and the United Arab Emirates (UAE) could help balance oil markets if they pumped more crude.