14 Feb 2022: OPEC+ members producing less than their crude output quotas have ought to speed up production to balance oil markets, said International Energy Agency head Fatih Birol.

Oil has skyrocketed to a seven-year high above $90 a barrel as demand rebounds and global supply slugs behind. Even though 23-nation OPEC+ alliance pledged to raise output targets again at its last meeting, the group is struggling to fulfill its vow. 

Producers from Nigeria and Libya to Iran are falling short of their targets. Increasing production from the U.S., Canada and Brazil hasn’t been sufficient to ease high energy prices

Tensions between Russia and the West over Ukraine has added on to the tension further, thus driving up the curve prices. U.S. claims that Russia could soon invade Ukraine, even though Moscow has repeatedly denied such an intention.

Europe’s natural gas crunch and surging prices are due to “an artificial tightness in the market,” said Birol. “The politicization of the gas sector is not in favor of anyone, producers or consumers,” he said.