OPEC Should Be Very Careful About Boosting Oil Price, IEA Warns
- Higher prices hurt economy and speed energy transition: Birol
- One in five cars sold globally this year will be electric: IEA
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OPEC should be wary of bolstering oil prices as it could hurt the global economy and accelerate the transition away from fossil fuels to clean energy, the International Energy Agency said.
Saudi Arabia and other key OPEC+ nations surprised world oil markets by announcing new production cutbacks earlier this month, which triggered a brief rally in prices. The intervention could backfire on the Organization of Petroleum Exporting Countries, as higher prices may curtail fuel demand and push consumers toward electricity and other renewable energy sources, according to IEA Executive Director Fatih Birol.