IEA's Birol urges OPEC+ to close gap between words and deeds-Egypt TV

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Fatih Birol, Executive Director of the International Energy Agency, speaks with the media during the International Energy Forum (IEF) in New Delhi, India, April 11, 2018. REUTERS/Altaf Hussain/File Photo

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CAIRO, Feb 14 (Reuters) - The International Energy Agency's (IEA) chief Fatih Birol urged the OPEC+ group of oil producers to close the gap between its words and its actions, as prices on Monday surged to a more than seven-year high.

Speaking at an industry event in Cairo broadcast by Egyptian state television, Birol also said politicisation of gas markets in Europe helped no-one.

His comments were broadcast in Arabic on state TV.

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International oil prices rose above $96 a barrel on Monday to their highest in more than seven years, spurred by fears a possible invasion of Ukraine by Russia could trigger U.S. and European sanctions that would disrupt exports of oil and gas to already tight markets.

OPEC+, the Organization of the Petroleum Exporting Countries and allied producers, which include Russia, agreed earlier this month to stick with moderate rises in output as it unwinds production curbs introduced at the height of the pandemic when demand collapsed. read more

As several OPEC+ members have struggled to ramp up output following years of under-investment, the group has not achieved its promised monthly output increases of 400,000 barrels per day (bpd). The IEA in its last monthly report said the gap between the target and actual output had widened to 900,000 bpd. read more

Saudi Arabia and the United Arab Emirates are the two OPEC producers with the most spare production capacity.

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Reporting by Nadine Awadalla in Dubai and Maha El Dahan in Cairo; writing by Lina Najem; Editing by Jason Neely and Barbara Lewis

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