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IEA urges oil-producing countries to pump more crude

oil-producing countries

Ankara, (Business News Report)|| The International Energy Agency (IEA) has urged oil-producing countries to pump more crude into the markets to stabilize prices.

The Director of the IEA, Fatih Birol, said that oil-producing countries should pump more into the markets, to calm the horrors of prices that rose due to the Russian-Ukrainian war.

After an initial release of 62 million barrels, the IEA would make further releases if “conditions stay or worsen”, Birol told an energy conference in Rabat.

“Every responsible oil producer needs to put more oil in the market,” he said via video conference.

Birol said last Wednesday that the IEA is ready to provide more oil in the markets by drawing from stocks, adding that the agency will also develop an action plan to “quickly reduce the price of oil.”

“Next week, as we did for gas, we are coming up with a 10-point action plan how to reduce oil in a hurry,” Fatih Birol told an energy conference in Paris.

Crude oil prices fell by $6, amid continuing talks seeking to end the war in Ukraine, and while economists wait for markets to prepare for a US interest rate hike.

The price of a barrel of crude oil fell, on Monday, to $103.33, according to Reuters.

This decline comes after the Brent and West Texas Intermediate contracts rose remarkably since the start of Russian military operations in Ukraine last February, and reached the highest level since 2008.

Ukrainian and Russian negotiators are scheduled to speak again on Monday via video link after both sides signaled progress.

“Oil prices may continue to fall this week as investors absorb the impact of sanctions on Russia and both sides show signs of negotiating a ceasefire,” CMC Markets analyst Tina Ting said.

“With markets preparing for much lower supplies between February and early March, the focus has shifted to monetary policy at the Federal Reserve’s Open Market Committee meeting scheduled for this week, which could further strengthen the dollar and put pressure on commodity prices,” Ting added.

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