The dramatic decline in oil prices over the past eight months has revived a public disagreement between OPEC and the International Energy Agency (IEA).
The rift, over oil prices, between the groups representing oil exporters and consumers has resurfaced as signs emerge that oil markets are starting to respond to supply signals ahead of OPEC’s March 15 meeting.
On Friday, just a day after Nobuo Tanaka, the IEA executive director, said oil at US$40 a barrel until the end of this year would deliver a US$1 trillion (Dh3.67tn) stimulus to the ailing world economy, oil prices touched a five-week high of $46.30 on expectations of another OPEC production cut.
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