The International Energy Agency (IEA) has called for the OPEC-led group to take more production offline and faster than previously agreed.
Following the carnage of negative WTI prices on April 20, and a growing realisation about pressure on storage, the Paris-based energy watchdog’s head Fatih Birol set out three steps.
The first is for those countries that have opted to cut production to “act as soon as possible and also consider even deeper cuts”. The meeting on April 9 saw commitments to take 9.7 million barrels per day of oil off the market – but only starting on May 1.
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