IEA: Oil market enters 'red zone'

Baku. 10 October. REPORT.AZ/ The International Energy Agency made a direct appeal to OPEC and other major oil producers to boost output, warning that high prices are inflicting damage on the global economy, Report informs citing Bloomberg.

“We should all see the risky situation, the oil markets are entering the red zone,” IEA Executive Director Fatih Birol said in an interview on Tuesday. "We should try to comfort the markets all together. It may be bad news for the consumers, importers today, but I believe it may well be bad news for the producers tomorrow."

Birol welcomes the efforts taken by Saudi Arabia to increase oil output, but believes that situation on the market will likely remain strained.

“If there are no major moves from the key producers, the fourth quarter of this year is very, very challenging,” Birol said.