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OPEC+ Production Cut “Not Helpful”: IEA CHIEF

OIL

The OPEC+ production cut of 2mbpd announced last month is not helpful and is hurting emerging markets, Fatih Birol, IEA chief executive director, said on Bloomberg TV.

  • “We know that the world is about to slide into a recession…the recent decision of OPEC+ to cut the current production by 2bn b/d was definitely not helpful. We are going to see main economies such as China how they are going to perform”, Birol said.
  • The OPEC+ production cut “is causing inflation, economic weakness, especially in developing and emerging countries.”
  • “The last decision of cutting 2mn b/d in my view… was unprecedented.”
  • While market participants saw more responsible actions by OPEC+ in the past, the recent decision of the output cut was unexpected and many might rethink the decision, he said.
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