"Playing Russian roulette in the oil market may have serious consequences," said Fatih Birol, director of the International Energy Agency, adding that oil prices below $ 25 a barrel would lead to a halt in new development of shale oil in the United States.
Birol's comments come as oil prices fell by more than a quarter and are heading towards the largest single-day drop in 29 years after Saudi Arabia fueled a market price war.
He added that the agency expects a possible oil surplus of 3.5 million barrels per day in the first quarter due to the outbreak of the Corona virus.
Energy Agency warns oil producers against playing "Russian roulette"
2020-03-09T12:59:35.183Z
"Playing Russian roulette in the oil market may have serious consequences," said Fatih Birol, director of the International Energy Agency, adding that oil prices below $ 25 a barrel will lead to stopping new development of shale oil in the United States.
Source: emara