Energy

IEA chief criticizes artificial tightness in energy markets

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Petroleum pump jacks are pictured in the Kern River oil field in Bakersfield, California.

Jonathan Alcorn | Reuters

The head of the world’s leading energy authority has said that some countries had failed to adopt a helpful position to calm soaring oil and gas prices, criticizing “artificial tightness” in energy markets.

“[A] factor I would like to underline that caused these high prices is the position some of the major oil and gas suppliers, and some of the countries did not take, in our view, a helpful position in this context,” Fatih Birol, executive director of the International Energy Agency, said Wednesday during a press webinar.

“In fact, some of the key strains in today’s markets…



Source cnbc.com

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