PARIS, March 5 (Xinhua) -- The International Energy Agency (IEA) criticized on Wednesday an OPEC decision to keep its oil output unchanged, saying that the cartel should pay more attention to market signals such as hiking oil prices.
The Paris-based IEA said the decision by the Organization of the Petroleum Exporting Countries may help restore crude stockpiles, but will also put more pressure on the world market as it is already suffering from supply shortages of oil.
Market demand for oil will continue to rise as many countries across the world are feeling the need to increase their crude stockpiles faced with geopolitical reasons and uncertainties in fresh investment plans, the IEA said.
Besides, the slowdown of the world economy does not necessarily mean less consumption of oil, the IEA added.
An OPEC spokesperson said earlier in the day the oil cartel will maintain its current oil output, which stands at 29.79 million barrels per day, not including Iraq.
OPEC rotating president, also Algerian Energy Minister Chakib Khelil emphasized that the current oil prices were mainly influenced by economic slowdown of the United States, the devaluation of the U.S. dollar and the speculations in the market as well as the geopolitical crisis.
The Paris-based IEA said the decision by the Organization of the Petroleum Exporting Countries may help restore crude stockpiles, but will also put more pressure on the world market as it is already suffering from supply shortages of oil.
Market demand for oil will continue to rise as many countries across the world are feeling the need to increase their crude stockpiles faced with geopolitical reasons and uncertainties in fresh investment plans, the IEA said.
Besides, the slowdown of the world economy does not necessarily mean less consumption of oil, the IEA added.
An OPEC spokesperson said earlier in the day the oil cartel will maintain its current oil output, which stands at 29.79 million barrels per day, not including Iraq.
OPEC rotating president, also Algerian Energy Minister Chakib Khelil emphasized that the current oil prices were mainly influenced by economic slowdown of the United States, the devaluation of the U.S. dollar and the speculations in the market as well as the geopolitical crisis.
