On Thursday, the International Energy Agency (IEA) Executive Director Fatih Birol expressed his pessimism over the efficacy of the additional oil output cuts from some Middle East oil giants in balancing the global oil market.
“I am happy to see Saudi Arabia, the Emirates, and Kuwait, on top of their existing commitments, are now going to make further cuts. I do welcome them, whether or not this is enough, I do not think so,” Birol said.
He added that it was still far too early to expect the rebalancing of the market, as the world has just seen the early signs of the beginning of the recovery process.
