IEA Chief Operating Officer Andy Mayer appeared on talkTV to discuss the impact of the Organization of the Petroleum Exporting Countries’ (OPEC) decision to cut oil production.

Andy said:

“For transport, principally petrol and diesel, it will be a problem if oil prices continue to rise. We’re not seeing that yet,

“These are not lovely democracies expressing liberal values. One of the reasons the Saudis didn’t [agree to supply more oil to the Americans after the Russian invasion of Ukraine] is that they, themselves, have been involved in the war in Yemen for a very long time and didn’t appreciate moral lectures from the West about their involvement – much as Russia doesn’t appreciate them over Ukraine.

“We are clearly united and right in defending countries like Ukraine from these invasions, but there are consequences to that if we decide simultaneously that we’re going to undermine our own energy security by reducing our own investments in oil and gas that we have sitting under our feet.”

Watch Andy’s full appearance here (1:57:10).