$100 oil real risk to economy: IEA

IEA head surprised by OPEC+ decision to cut output

SHARM EL-SHEIKH:

The head of the International Energy Agency (IEA) said on Wednesday oil prices “flirting with $100” were a real risk for the global economy, adding he was surprised by the OPEC+ decision to cut output at its October 5 meeting. IEA Executive Director Fatih Birol said in the past oil producing nations had taken decisions that calmed markets. “This decision may put further upward pressure on inflation and weaken the global economy,” Birol told Reuters on the sidelines of the COP27 climate conference in Egypt.

Published in The Express Tribune, November 10^th, 2022.

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