Economics
IEA Urges OPEC to Open the Taps as Oil Market Enters ‘Red Zone’
- Venezuelan output is in free-fall, Iran sinking: Fatih Birol
- ‘Expensive energy’ is back when global economy already shaky
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The International Energy Agency made a direct appeal to OPEC and other major oil producers to boost output, warning that high prices are inflicting damage on the global economy.
“We should all see the risky situation, the oil markets are entering the red zone,” IEA Executive Director Fatih Birol said in an interview on Tuesday. “Expensive energy is back at a bad time, when the global economy is losing momentum. We really need more oil.”