Shafaq News / Fatih Barol, executive director of the International Energy Association (IEA), is cautioning OPEC countries that efforts to raise oil prices could have a detrimental effect on global growth and risks accelerating the transition to renewable energy.

"They have to be very careful," Barol said in an interview with Bloomberg television on Wednesday. “The global economy is in a very fragile stage,” he said. “To see higher oil prices and upward pressure on inflation, that is the last thing that we want.”

In his latest tweet, the IEA chief stated that electric cars are booming, and he expected global sales to jump 35% this year to 14 million. He also emphasized how the electric-vehicle market penetration has increased from 2.5% in 2019 to 18% in 2023.

Birol affirmed that OPEC's action was harmful to the global economy and emerging countries in particular.

On April 2, the cartel of oil-producing nations known as OPEC+ announced a 1.66 million-barrel-per-day cut in crude production starting in May.

The organization stated that the agreed-upon supply cuts were necessary to protect oil markets from aggressive and unjustified short-selling by speculators.

(Business Insider)