IEA calls on OPEC+ to ‘accelerate’ return of oil supplies

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The International Energy Agency (IEA) urged OPEC+ to accelerate the return of supplies and blamed the major oil producers for creating "artificial tightness" in the global oil and gas markets, Bloomberg reported.

IEA Director-General Fatih Birol said that the prices for key fuels are "well in the danger zone for most developing economies".

He called on OPEC+ to take this situation into account and take necessary steps to comfort the global oil market and help reduce prices to reasonable levels.

The US and several countries, including Japan, China and India, decided to release oil from their strategic reserves. However, some analysts downplayed the impact of this step on oil prices in the long term.

According to media reports, the meeting of OPEC members will be held on Dec. 1, while OPEC+ will meet the next day.