The head of the International Energy Agency (IEA) said on Nov. 9 oil prices “flirting with $100” were a real risk for the global economy, adding he was surprised by the OPEC+ decision to cut output at its Oct. 5 meeting.
IEA Executive Director Fatih Birol said in the past oil producing nations had taken decisions that calmed markets.
“This decision may put further upward pressure on inflation and weaken the global economy,” Birol told Reuters on the sidelines of the COP27 climate conference in Egypt.
OPEC and its allies, known as OPEC+, decided to lower targeted production by 2 million bbl/d in October, despite opposition to cuts from the U.S. and others.
The group next meets in Vienna on Dec. 4.
Birol said that officials from developing countries attending the climate conference had pointed to high oil prices as a driver of inflation.
Recommended Reading
Squeezing Oil from Stone: The Quest to Improve Shale Recovery
2023-07-25 - Frac design, refrac liner testing and a waterless frac gun are among deep diagnostics in the queue in the quest to recover more oil from shale rock.
Maximum Extraction: Shale Development Enters a New Era
2023-07-12 - Digitization, electrification and refined chemistry shape the future of hydraulic fracturing.
Southwestern’s New Directions
2023-09-05 - CEO Bill Way has shifted Southwestern Energy’s course from Fayetteville founder to dual-basin natural gas powerhouse. Now the LNG sector’s top supplier aims to establish itself as the leading natural gas company in the U.S. with decades of inventory in the Haynesville Shale and Appalachian Basin.
E&P Highlights: July 10, 2023
2023-07-10 - Here’s a roundup of the latest E&P headlines including progress redeveloping the Tyra Field and new contract awards in the upstream oil and gas industry.
Drawing a Line in the Sand: Choosing the Best Proppant
2023-07-11 - Advances in proppant technology give the hydraulic fracturing space the best of all worlds.