OPEC Seeks to Reassure Oil Market on Spiking Mideast Tension
- Crude supply is reliable; Hormuz not at risk: U.A.E minister
- Middle East leaders working to restore calm: OPEC’s Barkindo
Gas flares burn from pipes aboard an offshore oil platform in the Persian Gulf's Salman Oil Field, near Lavan island, Iran.
Photographer: Ali Mohammadi/BloombergThis article is for subscribers only.
OPEC and one of its biggest producers sought to tamp down concerns over Middle Eastern oil supply on Wednesday after Iran fired missiles at U.S. forces in Iraq.
Global crude markets are well supplied, and the Organization of Petroleum Exporting Countries and allied producers will respond if necessary to spiking tensions in the region, U.A.E. Energy Minister Suhail Al Mazrouei told reporters in Abu Dhabi. The escalating conflict between the U.S. and Iran doesn’t pose a risk to the Strait of Hormuz, a bottleneck for oil shipments from the Persian Gulf, he said.