IEA’s Tanaka Says OPEC Assures Consumers on Crude Oil Supply
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OPEC has assured oil consumers of adequate supply in the event of a disruption caused by the unrest in the Middle East, the executive director of the International Energy Agency said.
Organization of Petroleum Exporting Countries’ Secretary-General Abdalla el-Badri assured that the producer group will meet any possible disruption through its spare capacity, Nobuo Tanaka said today in Riyadh, Saudi Arabia. The oil market is “very well-supplied” with OPEC production at current levels and it doesn’t need more crude, Tanaka said.