IEA says not enough oil and gas reaching consumers - Reuters

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A gas pump is seen hanging from the ceiling at a petrol station in Seoul June 27, 2011. REUTERS/Jo Yong-Hak/File Photo

LONDON, Nov 24 (Reuters) - Some countries have not taken a helpful position in terms of oil and gas prices, the head of the International Energy Agency said on Wednesday, saying not enough supply was reaching consumers.

"(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 said in an online presentation.

"Some of the key strains in today's markets may be considered artificial tightness ... because in oil markets today we see close to 6 million barrels per day in spare production capacity lies with the key producers, OPEC+ countries."

The COP26 conference in Glasgow this month was a success, Birol added, saying the Paris-based agency's analysis showed commitments made at the meeting could reduce global temperature rises to 1.8 degrees Celsius above pre-industrial levels.

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Reporting by Noah Browning and Shadia Nasralla Editing by Louise Heavens and David Evans

Our Standards: The Thomson Reuters Trust Principles.

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