International Energy Agency Director Fatih Birol on Monday urged oil-producing countries to pump more crude to stabilize markets affected by Russia's war on Ukraine.
Birol said at an energy conference in Rabat that after initially withdrawing 62 million barrels, the IEA will withdraw more if "conditions persist or worsen."
"Every responsible oil-producing country should pump more oil into the market," he added in a video.
A senior British minister also said Prime Minister Boris Johnson is trying to persuade Saudi Arabia to increase its oil production, following reports that Johnson will travel to the kingdom this week.
So far, Saudi Arabia and the UAE have ignored US calls to use their spare production capacity to calm high oil prices that threaten a global recession after the Russian war on Ukraine.
The Times reported that Johnson would travel to Saudi Arabia this week to try to persuade it to increase production, citing sources who said he had established good relations with the kingdom's leadership.
British Health Minister Sajid Javid said Britain had a frank relationship with Saudi Arabia "but it is important that we recognize - whether we like it or not - that Saudi Arabia is one of the largest oil producers in the world."
The repercussions of the sanctions imposed on Russia have pushed the prices of gasoline and diesel fuel in Britain to record levels, exacerbating a living crisis faced by families with the high cost of heating.
And last Thursday, Johnson said that Britain and its allies are seeking alternatives to Russian oil and gas, to avoid falling again a victim of "blackmail" practiced by Russian President Vladimir Putin.
Falling oil prices
In light of hopes for a peaceful solution to end Russia's war on Ukraine, the benchmark West Texas Intermediate crude price fell today, Monday, after China - which is among the main energy consumers - imposed a closure in the city of Schengen due to the outbreak of Covid-19.
The price of West Texas Intermediate crude fell by 5.1% to $ 103.80 a barrel, while the benchmark Brent North Sea crude in Europe lost 4.0%, to reach the price of a barrel of $ 108.13.