IEA Calls On OPEC+ To Boost Production To Targets

OPEC+ producers need to pump more oil to close the widening gap between nameplate production quotas and actual output, the executive director of the International Energy Agency (IEA), Fatih Birol, said on Monday. The laggards in the OPEC+ oil output targets should look to produce more to balance the tight market, Birol said at the Egypt Petroleum Show in Cairo today, as quoted by Reuters. If OPEC+ continues to fail in delivering its oil production targets amid rising demand and inventories at multi-year lows, oil prices will remain under upward…