IEA blames Saudi Arabia and UAE for oil price surge - live u The International Energy Agency (IEA) has pointed the finger at Saudi Arabia and the United Arab Emirates for failing to ease the strain on the global oil market by pumping more crude.
The IEA blamed recent volatility on a “chronic” failure by producer cartel Opec to increase production and warned prices could rise further if the gulf states did not tap into their reserves.
Oil prices have surged to a seven-year high above $90 a barrel as demand bounces back from the pandemic while supplies around the world lag behind.
The IEA raised its forecast for world oil demand in 2022 and warned of further strain ahead. Brent crude rose as high as $92.75 a barrel following the report.