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IEA Urges OPEC to open the taps as oil market enters 'Red Zone'

The International Energy Agency made a direct appeal to OPEC and other major oil producers to boost output, warning that prices are inflicting damage on the global economy.

Photo: Ritzau Scanpix/Claus Bonnerup.

The International Energy Agency made a direct appeal to OPEC and other major oil producers to boost output, warning that prices are inflicting damage on the global economy.

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

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