IEA Supports Opec Move to Maintain Output Levels

10 September 2009 (Last Updated September 10th, 2009 18:30)

The International Energy Agency (IEA) said that it supported the Organization of the Petroleum Exporting Countries' (Opec) move to hold oil output targets steady given the fragile position of the economy. In July 2008, oil prices, which rose to $150, subsequently decreased to $32 per ba

The International Energy Agency (IEA) said that it supported the Organization of the Petroleum Exporting Countries' (Opec) move to hold oil output targets steady given the fragile position of the economy.

In July 2008, oil prices, which rose to $150, subsequently decreased to $32 per barrel in December and have since recovered to settle at nearly $72.

The market crash triggered Opec to announce in late 2008 that it was enforcing cutbacks of 4.2 million barrels a day from September 2008 output levels.

At a recent meeting, Opec decided that it would not alter output even though some member countries wanted stricter compliance with existing curbs, according to Reuters.