In a statement from the International Energy Agency (IEA), the International Energy Agency (IEA) said that dysfunctional talks among major oil producers about pumping more supplies could lead to a price war, while vaccines to prevent COFID-19 are contributing to rising demand for crude.

"The potential for a market share battle, even if far away, threatens markets, as well as the potential for higher fuel prices threatens to fuel inflation and damage a fragile economic recovery," the agency said.

In its monthly report on the oil market, OPEC's stalemate meant that production quotas would remain at July levels until a settlement could be reached. In this case, oil markets will experience scarcity as demand recovers from last year's Covid decline. "

A dispute between Saudi Arabia and the Emirates in OPEC, a group of producers from the Organization of Petroleum Exporting Countries (OPEC), brought last week's talks on boosting production to a halt after several days of negotiations.

However, the Energy Agency said that the rise in HIV infections in some States continued to pose a major threat. Oil inventory levels in most developed countries had fallen below historical averages.

"Oil markets will probably remain volatile until the OPEC production policy becomes clear and volatility does not work to ensure a orderly and secure energy transformation, nor is it in the interests of producers or consumers," the agency said.