The International Energy Agency (MEA) accused Russia, Saudi Arabia and other major energy suppliers in manipulation with the creation of an “artificial deficit” in the oil and gas market, writes Bloomberg.
“Today, the prices for key fuel are in dangerous for most of the developing countries zone,” said the executive director of Maa Fatih Birol. He called for OPEC + “take into account the situation and take the necessary measures to reassure the global oil market and help reduce prices to acceptable levels.”
OPEC and allies next week must agree on oil production policies. At the last meeting in November, they did not respond to the US request for a serious increase in production, instead agreed to increase the production of only 400 thousand barrels per day in December.
In the US, on November 23, they announced 50 million barrels of oil from strategic reserves, expecting to reduce oil prices. Other countries are the same step – United Kingdom, South Korea, Japan, as well as China and India. Goldman Sachs analysts called the volume of oil that is planned to be used from the stocks of the United States and allies, “the drop in the sea”. The release of fuel will be from 70 to 80 million barrels of oil, while market participants expected 100 barrels and more.