OPEC Secretary General Haitham al-Ghais was responding to comments from IEA Executive Director Fatih Birol in aTV interview on Wednesday (Birol cautioned OPEC about boosting oil prices).

al-Ghais:

• “The IEA knows very well that there are a confluence of factors that impact markets. The knock-on effects of COVID-19, monetary policies, stock movements, algorithm trading, commodity trading advisors and SPR releases (coordinated or uncoordinated), geopolitics, to name a few,”
• the International Energy Agency should be “very careful” about undermining industry investments
• “If anything will lead to future volatility (in oil prices) it is the IEA’s repeated calls to stop investing in oil, knowing that all data-driven outlooks envisage the need for more of this precious commodity to fuel global economic growth and prosperity in the decades to come, especially in the developing world.”

This article was written by Eamonn Sheridan at www.forexlive.com.

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