The head of the International Energy Agency has criticized OPEC for failing to do enough with regard to lowering oil prices While Biden coordinated a reserve release from multiple oil-consuming nations, oil prices only climbed higher and OPEC threatened to react Some analysts are now warning of another oil price war, just as oil markets are months away from balancing The head of the International Energy Agency, Fatih Birol, has lashed out at OPEC for failing to bring oil prices down. ″[A] factor I would like to underline that caused these high prices is the position some of the major oil and gas suppliers, and some of the countries did not take, in our view, a helpful position in this context,” Birol said, as quoted by CNBC this week. “In fact, some of the key strains in today’s markets may be considered as artificial tightness … because in oil […]

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