IEA Head Urges OPEC+ Laggards to Boost Output to Balance Markets

OPEC+ members producing below their crude output quotas need to pump more to balance oil markets, said International Energy Agency head Fatih Birol.

Oil has rallied to a seven-year high above $90 a barrel as demand rebounds and global supply lags behind. While the 23-nation OPEC+ alliance agreed to raise output targets again at its last meeting, the group is struggling to fulfill its pledges. Producers from Nigeria and Libya to Iran are falling short of their targets.