The global oil market is well supplied, OPEC’s spare production capacity is at “comfortable levels” and commercial oil inventories “remain healthy,” OPEC Secretary-General Abdalla Salem El-Badri said.
“There is no shortage of oil anywhere in the world. And this is expected to continue,” El-Badri said today in a speech at the European Mineral Resources Conference in Leoben, Austria, according to a transcript on OPEC’s website.
The Organization of Petroleum Exporting Countries comprises Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. The group plans to meet next on Dec. 12.
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