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Boosting supply is the best way to stabilize price of oil, says OECD

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The best way to stabilize oil prices is to boost supply, and alternatives to Russian oil are available to the world, said Mathias Corman, the secretary-general of the Organization for Economic Cooperation and Development.

Speaking to “Squawk Box Asia” on Friday from the Group of 20 meeting of financial leaders in Bali, Indonesia, Cormann said that Russia’s war on Ukraine has imposed “a heavy burden on the world.”

“It’s leading to slower growth, higher inflation, higher energy prices, higher food prices, food security challenges, so the world would clearly be better off if Vladimir Putin stopped this war.”

Any measure to increase supply will bring down the price of oil and we will have the…



Source cnbc.com

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