{"id":38743,"date":"2018-10-05T07:07:41","date_gmt":"2018-10-05T12:07:41","guid":{"rendered":"http:\/\/olduvai.ca\/?p=38743"},"modified":"2018-10-05T07:07:41","modified_gmt":"2018-10-05T12:07:41","slug":"iea-asks-majors-oil-producers-to-boost-production","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=38743","title":{"rendered":"IEA Asks Majors Oil Producers To Boost Production"},"content":{"rendered":"

IEA Asks Majors Oil Producers To Boost Production<\/a><\/h3>\n\"oil<\/picture>\n
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Rising oil prices are hurting consumers, Fatih Birol, the Executive Director of the International Energy Agency (IEA), says, calling on major all producers to do the best they can to further boost production and ease persistent supply concerns that pushed Brent Crude<\/a> to above $86 a barrel on Wednesday.<\/p>\n

\u201cSome countries have been making efforts to increase production but this is far from comforting the markets right now,\u201d Birol told the Financial Times<\/a> on Thursday, adding that his \u201chope is that all the producers are aware of the sensitive situation and make their best efforts.\u201d<\/p>\n

Although higher energy prices may look like a boon for oil exporting countries today, tomorrow the economies of oil exporters will also suffer because of the lower demand growth stemming from high oil prices, Birol told FT.<\/p>\n

In an interview with Reuters<\/a>, also today, Birol said that:<\/p>\n

\u201cIt is now high time for all the players, especially those key producers and oil exporters, to consider the situation and take the right steps to comfort the market, otherwise I don\u2019t see anybody benefiting.\u201d<\/p>\n

Earlier this week, the IEA chief also took to Twitter to comment on the oil price rally in recent weeks and its implications on global economy.<\/p>\n

\u201cRising oil prices are hurting consumers & economic growth prospects today \u2013 globally but particularly in the emerging economies \u2013 but in a rapidly changing energy world could also have implications for producers tomorrow,\u201d Birol tweeted<\/a> on Tuesday. Related:\u00a0A New Era Of LNG Megaprojects<\/a><\/strong><\/p>\n

U.S. President Donald Trump has also used Twitter several times this year to slam OPEC<\/a> for keeping oil prices too high.<\/p>\n

Birol\u2019s comments on oil prices and what oil producers should do come just after Saudi Energy Minister Khalid al-Falih said earlier this week that Saudi Arabia would be pumping 10.7 million bpd<\/a> in October\u2014just below the Kingdom\u2019s highest-ever production level\u2014and would slightly raise production volumes in November.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

IEA Asks Majors Oil Producers To Boost Production Rising oil prices are hurting consumers, Fatih Birol, the Executive Director of the International Energy Agency (IEA), says, calling on major all producers to do the best they can to further boost production and ease persistent supply concerns that pushed Brent Crude to above $86 a barrel […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[2019,16053,12300,416,433,592,595,5332,600,694,14603,827],"class_list":["post-38743","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-demand-destruction","tag-demand-growth","tag-fatih-birol","tag-iea","tag-international-energy-agency","tag-oil-price","tag-oil-production","tag-oilprice-com","tag-opec","tag-russia","tag-tsvetana-paraskova","tag-united-states"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/38743","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=38743"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/38743\/revisions"}],"predecessor-version":[{"id":38744,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/38743\/revisions\/38744"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=38743"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=38743"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=38743"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}