The head of the International Energy Agency, Fatih Birol, said that the Organization of Petroleum Exporting Countries (OPEC) and its allies known as OPEC Plus need to narrow the gap between their production targets and actual production.
Birol said at a conference in the Saudi capital, Riyadh: “There is a big difference between the goals set by the OPEC Plus countries in terms of their production levels, and what is being produced today.”
He added, “It will be important for OPEC Plus to narrow this gap, and we hope to provide larger market volumes.”
And OPEC Plus oil producers have raised their production target by 400,000 barrels per day every month, since August, with the abolition of production restrictions.
However, they have more than once failed to achieve these goals, because some producers are struggling to restore production.
The International Energy Agency said in its latest monthly report that the gap between the target and actual production in January widened to 900,000 barrels per day.
Investors traded Brent crude at $93.19 a barrel at 02:53 GMT, down 10 cents, following falling 3.3 percent overnight, following Russia announced the withdrawal of some of its forces near Ukraine, although the United States has not yet achieved that. .
The UAE Energy Minister, Suhail Al Mazrouei, said Monday that the tension between Russia and the West is raising oil prices, and the reason is not a fundamental shortage that justifies the accelerated increase in production.
