OPEC+ Supply Shortfall May Push Oil Price Higher, IEA Warns

Fuel inventories in OECD decline to lowest in seven years
Middle East OPEC+ nations could pump more to ease crisis: IEA

WATCH: “It’s not in the interest of consumers, but not in the interest of producers either,” the IEA said as it warned of higher oil prices.Source: Bloomberg

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By Grant Smith

February 11, 2022 at 4:00 AM EST

Updated on

February 11, 2022 at 4:47 AM EST

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Global oil prices could climb further because of the OPEC+ coalition’s “chronic” struggle to revive production, unless the group’s Middle Eastern heavyweights pump extra to compensate, the International Energy Agency warned.

Crude has rallied to a seven-year high above $90 a barrel as demand bounces back from the pandemic while supplies around the world lag behind. Plagued by under-investment and disruptions, the 23-nation OPEC+ alliance has been unable to fully restore the output it halted -- a problem the IEA expects to worsen.