• Sign up for the Daily Digest E-mail
  • Facebook
  • Twitter
  • LinkedIn

BOE Report

Sign up
  • Home
  • Headlines
    • Latest Headlines
    • Featured Companies
    • Columns
    • Discussions
  • Well Activity
    • Well Licences
    • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts
    • CAOEC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
  • Industry Data
    • Canada Oil Market Data
    • Canada NG Market Data
    • USA Market Data
    • Data Downloads
  • Jobs

IEA’s Birol again urges OPEC+ to narrow gap between oil targets and output

February 16, 20227:20 AM Reuters0 Comments

OPEC headquarters in Vienna, Austria
OPEC headquarters in Vienna, Austria

The Organization of the Petroleum Exporting Countries (OPEC) and their allies, known as OPEC+, needed to narrow the gap between their oil production targets and actual output, the International Energy Agency’s (IEA) head Fatih Birol said on Wednesday.

“There is a significant difference between the targets that OPEC+ countries set in terms of their production levels, and what is produced today,” Birol told a conference in the Saudi Arabian capital Riyadh.

“It will be important for OPEC+ to narrow this gap and hopefully provide more volumes to the market,” he said.

OPEC+ oil producers have raised their output target by 400,000 barrels per day (bpd) each month since August as they unwinds production curbs.

However, they have repeatedly failed to hit those targets as some producers struggle to restore output.

The IEA in its last monthly report said the gap between the target and output in January had widened to 900,000 bpd.

Brent traded at $93.19 a barrel at 0253 GMT, down 10 cents, having slid 3.3% overnight after Russia announced a partial pullback of its troops near Ukraine, yet to be verified by the United States.

On Monday, the United Arab Emirates energy minister Suhail al-Mazrouei said tensions between Russia and the West were driving oil prices rather than a fundamental shortage that would warrant accelerated output increases.

Follow the BOE Report
  • Facebook
  • Twitter
  • LinkedIn

Sign up for the BOE Report Daily Digest E-mail

Successfully subscribed

Latest Headlines
  • New oil and gas jobs from BOE Report Jobs
  • Plains Midstream Canada Pursuing Fort Saskatchewan Facility Expansion
  • More U.S. sour crude heads to Germany to replace Russia oil
  • Tidewater Midstream announces closing of unit financing and refinancing plan
  • Column: Appalling new historical precedent – surplus cash flow cannot solve world’s energy problems, by design

Return to Home
Alberta Gas
CAD/GJ
Market Data by TradingView

    Report Error





    Note: The page you are currently on will be sent with your report. If this report is about a different page, please specify.

    About
    • About BOEReport.com
    • In the News
    • Terms of Use
    • Privacy Policy
    • Editorial Policy
    Resources
    • App
    • Widgets
    • Notifications
    • Daily Digest E-mail
    Get In Touch
    • Advertise
    • Post a Job
    • Contribute
    • Contact
    • Report Error
    Featured In
    • CamTrader
    • Rigger Talk
    Data Partner
    • Foxterra
    BOE Network
    © 2022 Grobes Media Inc.