The Organization of the Petroleum Exporting Countries (OPEC) should be careful when taking further decisions on extending the so called OPEC-non-OPEC deal to reduce oil production, International Energy Agency (IEA) Executive Director Fatih Birol told Sputnik on the sidelines of the annual CERAWeek energy conference in Houston on Monday
HOUSTON (Pakistan Point News / Sputnik - 11th March, 2019) The Organization of the Petroleum Exporting Countries (OPEC) should be careful when taking further decisions on extending the so called OPEC-non-OPEC deal to reduce oil production, International Energy Agency (IEA) Executive Director Fatih Birol told Sputnik on the sidelines of the annual CERAWeek energy conference in Houston on Monday.
"It's up to OPEC to decide what they are going to do," Birol said. "If they continue with the deal, if they continue to press the prices up, and if they're successful, we will see even more oil coming from the other states and it will put downward pressure on the prices. Therefore, before taking other decisions they need to be very careful with the consequences of their decisions and think not one, but two steps ahead."
Birol notes that he will have a session with OPEC Secretary General later on Monday during which they may also discuss that matter.
On December 7, the participants in the oil deal agreed to reduce overall production by 1.2 million barrels per day starting from 2019 onward, with a view of signing a charter on future long-term cooperation in the first quarter of the year.
According to the deal, OPEC member states will cut production by 800,000 barrels per day and non-OPEC countries by 400,000 barrels per day.
