The International Energy Agency hopes that the Organization of Petroleum Exporting Countries will make a “responsible decision” on oil production at its meeting in Vienna next week, Chief Economist Fatih Birol said.
Demand remains strong, driven by China and the Middle East, crude stockpiles in Organization for Economic Cooperation and Development countries are coming to “low levels” and high oil prices are risky for the global economy, he said today in Warsaw. “There’s disappointing news from non-OPEC producing countries,” he said, without giving more details.
“Producers need clients with healthy economies and I hope my colleagues from producing countries will make responsible decisions considering those facts,” Birol said. He didn’t specify whether the IEA hopes OPEC will limit or boost output.
The producer group will discuss output targets in Vienna on Dec. 14.