The International Energy Agency called on members of the OPEC oil cartel to keep up with key member Saudi Arabia’s above quota crude production to aid global economic recovery.

Mr Fatih Birol chief economist of IEA said that "Current oil prices pose a major risk for the economic recovery worldwide. Saudi is doing a great job and I would consider Saudi Arabia as the central banker of the oil markets and the decision that they will bring more oil into the markets is definitely a good one. But I will like to see that this move of Saudi Arabia is followed by other key oil producers."

Mr Birol, whose Paris based agency was set up to ensure reliable affordable and clean energy after the 1973 to 1974 oil crisis also called for more investment in future oil production capacity.

OPEC kingpin Saudi Arabia together with Kuwait has boosted crude production to compensate for the suspension of Libyan oil exports and avoid a surge in world prices after the North African country’s descent into civil war this year.

But some OPEC members notably Iran which currently holds the rotating presidency of the cartel are calling on them to fall back into line as Libyan oil flows back into the market after the October overthrow of Moamer Kadhafi.

However, Mr Ali al Naimi oil minister of Saudi Arabia said that he was happy with Riyadh’s current 9.45 million barrels per day output level, significantly higher than its quota of 8.05 million barrel per day.

(Sourced from www.thenews.com.pk)