The head of the International Energy Agency (IEA), Fatih Birol, has called on oil-producing countries to increase production to stabilize markets that have been hit hard by Russia’s invasion of Ukraine, according to Reuters.
By producing 62 million barrels of oil, the IEA could produce more, “if market conditions continue or deteriorate,” Birol told an energy conference in Rabat.
Any responsible producer should supply more oil to the market, said the head of the IEA.
At the same conference, the head of the National Oil Company of Abu Dhabi (ADNOC), Sultan Al Jaber, said that investment in oil and gas capacity is necessary to “avoid problems with supply and demand.”
He said unprecedented volatility in energy markets was currently driven by a lack of fossil fuel investment.