World News | Saudi Arabia’s plans to cut oil output will pose risks to global economy: Fatih Birol

Paris [France]Chinanews.com, April 12th, the International Energy Agency analyzed and predicted that the impact of Saudi Arabia’s production reduction plan will pose risks to the global economy, and the market will be very tense in the second half of this year.

Regarding Saudi Arabia’s announcement to cut oil production, Fatih Bilal, executive director of the International Energy Agency, said, “Saudi Arabia, Russia and other countries – OPEC and oil-producing countries decided to cut oil production. When we look at the basis of the International Energy Agency The second half of the year is going to be very tight in the second half of the year, according to the analysis of almost every serious institution that looks at the oil market.”

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“I find this decision to be risky for the global economy,” he added.

Responding to a question about the impact of oil production cuts on countries such as India, Bilal said, “India is an energy importer, an oil importer. Most of the oil consumed by India is imported. Such a move may increase India’s Petroleum import bill etc. is a burden on the Indian economy and Indian consumers.”

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Regarding the impact of the war in Ukraine on energy, he said, “Renewable energy is peaceful energy. In addition to that, we also see that Russia has become the world’s largest exporter of natural gas because of this war. More and more The country is producing and exporting natural gas. We expect a large volume of liquefied natural gas to enter the market in the next two to three years, which will put downward pressure on prices and ease the security of gas supply.”

In response to whether the ban on Russian oil worked, he said, “I think it depends on what the goal is. If the goal is still the world gets Russian oil but Russian revenue goes down, then I think these measures achieved their goal because we According to the data of russian oil and gas export revenue has dropped by 60% in one year since the war started on February 24th. If we consider that oil and gas export revenue is very important to the russian budget investment, which is a major challenge for the Russian economy.”

Fatih Bilal expressed his views on the designation of India as the main country to import crude oil and re-export refined products to European countries, which he said was a legal step.

“I think this is happening in accordance with international rules and regulations in terms of trade and financing rules. India is doing this in a transparent manner and India is profiting by importing crude oil at a discount to other countries. It is definitely a legal step ,”He said.

The Executive Director of the International Energy Agency also commented on India’s Mission LiFE, saying: “In my opinion, Mission LiFE is one of the most important steps the international community can take to tackle our biggest climate challenge in Bangalore a few weeks ago. , I had the honor to have a discussion with Prime Minister Modi on Mission LiFE because the International Energy Agency is doing a study in which a large group of researchers, well-known researchers from all over the world, are telling the world, especially the G-20 countries, that if All countries implement Mission LiFE, how will we reduce the risk of climate change, how much we can reduce emissions, and how much money we can save.” (Arney)

(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)