Even a marriage heading for its 50th anniversary will sometimes be overcome with bickering.
That’s what happened last week with the oil industry’s most important bodies, the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC).
OPEC risks weakening the global economy and accelerating the transition away from fossil fuels if its production cuts push crude prices too high, the IEA’s Executive Director Fatih Birol said in an interview Wednesday with Bloomberg Television. OPEC’s response was swift and intemperate: The IEA “should be very careful about further undermining oil industry investments” its Secretary General Haitham Al-Ghais said in a statement Thursday.
