The International Energy Agency urges oil-producing countries to increase production

At an energy conference in Rabat, the head of the International Energy Agency, Fatih Birol, called on oil-producing countries to increase the pace of resource extraction to match the situation in the market.

“Every responsible oil supplier needs to increase supplies to the market,” Birol said via a video link.

Ayed Al-Qahtani, Director of the Research Department of OPEC, noted that, according to representatives of the organization, the current historically high oil prices are “unhealthy” for all market participants.

American businessman Elon Musk also called for an immediate increase in oil and gas production. He noted that this will negatively affect Tesla, but that sustainable energy solutions simply cannot react immediately to compensate for the export of oil and gas from Russia.

 

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