OPEC+ May Need to Rethink Decision to Slash Oil Output, IEA Says
- Producer group’s move last month was ‘definitely not helpful’
- Energy-importing nations in Africa, Asia will suffer the most
Fatih Birol
Photographer: Jason Alden/BloombergThis article is for subscribers only.
The head of the International Energy Agency slammed last month’s decision by OPEC+ to reduce oil output, saying it’ll worsen the outlook for countries sliding toward a recession.
“The recent decision of OPEC+ to cut the production by 2 million barrels a day was definitely not helpful,” IEA Executive Director Fatih Birol said Wednesday in an interview from the COP27 summit in Egypt. The move is fueling inflation, especially in developing countries, and may require a “rethink,” he said.