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. The Organisation of the Petroleum Exporting Countries and its allies, known as OPEC+, decided to lower targeted production by 2 million barrels per day in October, despite opposition to cuts from the United States and others.Birol said that officials from developing countries attending the climate conference had pointed to high oil prices as a driver of inflation.
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