Augmented Supply Best Way To Balance Rising Oil Prices, Says OECD Chief

  • The secretary-general of the Organization for Economic Cooperation and Development (OECD), Mathias Corman, said that boosting supply is the best to stabilize the rising oil prices, CNBC reported.
  • He also said that alternatives to Russian oil are available to the world.
  • Cormann said Russia’s war on Ukraine has imposed “a heavy burden on the world.” “It’s leading to slower growth, higher inflation, higher energy prices, higher food prices, food security challenges, so the world would clearly be better off if Vladimir Putin stopped this war.”
  • U.S. Treasury Secretary Janet Yellen said that a cap on Russian oil prices would be crucial in taming inflation. U.S. consumer inflation in June soared to a 40-year high of 9.1%.
  • “A price cap on Russian oil is one of our most powerful tools to address the pain Americans and families across the world are feeling at the gas pump and the grocery store right now,” Yellen said.
  • Cormann said that the G-20 foreign ministers would be “having conversations” about imposing a price ceiling.
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