Fatih Birol, chief economist of the International Energy Agency (IEA), said on Wednesday that for oil-producing countries, to curb oil price increases, it is more important to increase production capacity than directly increase production.
U.S. crude oil hit a record higher than 135 US dollars/barrel last week, causing consumer countries such as the United States to demand OPEC (Oil Exporting Organization) production again.
However, Fatih Birol said that concerns about the future shortage of crude oil have contributed to the rise in oil prices. All oil-producing countries should take corresponding measures.
In an interview, Fatih Birol pointed out that what is needed now is to increase production capacity, and increasing production is not the most important thing. The reason for the rise in oil prices is that people believe that supply will not be able to satisfy the strong demand in the next few years.
He said that in the next four to five years, crude oil supplies from oil-producing countries other than OPEC may rise to the highest point.
Fatih Birol pointed out that Saudi Arabia, the major oil exporter, has done its best to take measures to ease the market's supply concerns. However, he believes Saudi Arabia can further increase its production capacity. Other oil-producing countries in the Middle East and Latin America, as well as Russia, the United States, and European countries, should take measures to increase production capacity.
Saudi Arabia currently has the world's largest remaining capacity, which is about 2 million barrels per day.
U.S. crude oil hit a record higher than 135 US dollars/barrel last week, causing consumer countries such as the United States to demand OPEC (Oil Exporting Organization) production again.
However, Fatih Birol said that concerns about the future shortage of crude oil have contributed to the rise in oil prices. All oil-producing countries should take corresponding measures.
In an interview, Fatih Birol pointed out that what is needed now is to increase production capacity, and increasing production is not the most important thing. The reason for the rise in oil prices is that people believe that supply will not be able to satisfy the strong demand in the next few years.
He said that in the next four to five years, crude oil supplies from oil-producing countries other than OPEC may rise to the highest point.
Fatih Birol pointed out that Saudi Arabia, the major oil exporter, has done its best to take measures to ease the market's supply concerns. However, he believes Saudi Arabia can further increase its production capacity. Other oil-producing countries in the Middle East and Latin America, as well as Russia, the United States, and European countries, should take measures to increase production capacity.
Saudi Arabia currently has the world's largest remaining capacity, which is about 2 million barrels per day.
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