IEA sounds oil price alarm

**FILE** An oil pump is seen at dusk in this Sept. 19, 2007 file photo, in Sakhir, Bahrain. Energy futures fell Monday, Sept. 24, 2007 after a tropical depression that moved the Gulf of Mexico late last week turned out to be a dud. (AP Photo/Hasan Jamali, file)

Up and down: oil prices

AP PHOTO/HASAN JAMALI

related stories

By News Wires

 17 January 2011 09:41 GMT

The head of the International Energy Agency (IEA) has warned that current oil price levels are “alarming” and could have a negative impact if allowed to spiral upwards.

With oil prices surging towards $100 a barrel, market eyes are on Opec to see whether the producers group will boost crude supplies to dampen prices.

IEA executive director Tanaka told reporters on the sidelines of an industry conference that Opec "needs to show more flexibility" in increasing oil production according to Reuters. "If the current price continues, it will have a negative impact," he said.

Oil hit a record $147 a barrel in 2008 and there are fears that prices could rise significantly above $100 if Opec does not signal its intent…

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index