Opec has claimed the International Energy Agency’s calls to halt investment in oil are triggering turmoil in energy markets, intensifying a war of words between producers and rich-world consumers.
Opec secretary-general Haitham Al Ghais accused the IEA, which is funded by the OECD group of rich economies, of “finger pointing” after the agency warned the surprise production cuts announced by the oil cartel earlier this month risked exacerbating inflation.
The Kuwaiti secretary-general, who is seen as close to Opec’s other Gulf members such as Saudi Arabia, also criticised the IEA for discouraging investment in new oil and gas projects. “If anything will lead to future volatility it is the IEA’s repeated calls to stop investing in oil,” said Al Ghais.