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OPEC+ Must Fix Its Million-Barrel Supply Gap, IEA Says

  • Addressing Saudi meeting, IEA’s Birol tells OPEC+ it’s lagging
  • High prices burden families, threaten to cut economic growth
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The International Energy Agency urged OPEC and its allies to address a widening shortfall in their oil production as a volatile market sends crude prices rocketing toward $100 a barrel.

While fuel consumption is bouncing back from the pandemic, the 23-nation alliance led by Saudi Arabia and Russia is struggling to restore output it halted. Members need to fix the issue as the supply gap versus their target spirals toward 1 million barrels a day, IEA Executive Director Fatih Birol told a conference in Riyadh via video-link.