facebook
twitter
rss
account
search
search
 

IEA wants more crude from OPEC

May 4, 2011 at 7:53 AM   |   Comments

| License Photo
VIENNA, May 4 (UPI) -- The world's biggest oil cartel needs to start producing more crude oil to drive prices down on the energy market, the International Energy Agency said.

Oil and gasoline prices are at post-recession records because of a declining value of the U.S. dollar, a modest economic recovery and unrest in Libya, one of Africa's top oil producers.

Russia imposed stiff taxes on exports to keep more fuel products at home. Producers had sent more petroleum products out of the country to cash in on high prices, causing gasoline shortages on the domestic market. The U.S. energy sector is facing a similar scenario.

IEA Director Nobuo Tanaka was quoted in The Wall Street Journal as saying the Organization of the Petroleum Exporting Countries needed to produce more crude oil.

"It's a matter of price as (if the crude) is priced right, refineries will buy it and process it," he said.

OPEC leaders said there is plenty of crude oil on the market, just not in the form that refineries want. The oil cartel said repeatedly it doesn't see a need for an extraordinary meeting before June to consider the global oil shock.

© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Next week's lunar eclipse may feature the color turquoise Next week's lunar eclipse may feature the color turquoise
2
Jillian Michaels reveals she was fired from 'Biggest Loser' Jillian Michaels reveals she was fired from 'Biggest Loser'
3
'The Hollow Crown' releases photo of Benedict Cumberbatch as Richard III 'The Hollow Crown' releases photo of Benedict Cumberbatch as Richard III
4
John Wayne Gacy room at Rob Zombie's haunted house angers victims John Wayne Gacy room at Rob Zombie's haunted house angers victims
5
Pakistani leader intimately connected to IS Pakistani leader intimately connected to IS
Trending News
x
Feedback