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OPEC Says IEA Undermines Oil Industry Investments

OIL

OPEC Secretary-General Haitham Al-Ghais said the IEA should be very careful about further undermining investment in the oil industry.

  • IEA’s repeated calls to stop investing in oil could lead to future market volatility, he added.
  • He also said blaming oil for inflation was erroneous and technically incorrect as there many other factors causing inflation.
  • OPEC and OPEC+ are not targeting oil prices but the group is focusing solely on market fundamentals and enabling vital investments, Al-Ghais said.
  • This comes after IEA Chief Fatih Birol said on Wednesday that global economies are in a fragile state and higher oil prices, amid OPEC+’s surprise announcement to cut crude oil output, are causing upward pressure on inflation.
  • Higher energy prices mean a weaker global economy, especially in emerging countries and it will give an additional boost to the clean energy transition in the world, Birol added, pointing to the fact that OPEC’s policy prevents new investment in the oil sector.
Energy BulletsCommodities
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