IEA chief asks major oil producers to increase production: report

International Energy Agency’s (IEA) Executive Director Fatih Birol urged major oil producers to further ramp up output, in order to ease supply concerns which led Brent prices to rise over $86 a barrel last Wednesday, the Financial Times reported.

“Some countries have been making efforts to increase production but this is far from comforting the markets right now,” he was quoted as saying.

“My expectation and hope is that all the producers are aware of the sensitive situation and make their best efforts.”

Higher energy prices might seem to be good news for exporters today but tomorrow it will hurt their economies as well because of lower demand growth, Birol added.