OPEC sees no shortage of oil in any region
By BENOIT FAUCON
OPEC's secretary general said Monday that there is currently no shortage of oil anywhere, despite current supply concerns.
The remarks come after the oil minister for Saudi Arabia, the largest producer in the Organization of Petroleum Exporting Countries, said it intended to remain stable supplier to markets.
Speaking to a Chatham House energy conference in London, OPEC's secretary general Abdalla Salem El-Badri said "there is no shortage on the market anywhere in the world."
He pointed out that OPEC currently produces 30.6 million bpd, slightly higher than the 30 million bpd OPEC agreed to produce at its last meeting in December.
Oil markets have been jittery by interruption of supply from countries such as Sudan and fears Iran may preempt a planned European embargo on its oil exports.
But el-Badri said "our members will continue to strive to meet consumers' demand", [and] they "will continue to use production to...ensure stability" of oil markets.
The remarks echo a pledge at the same conference from Saudi Arabia's oil minister Ali al-Naimi that the Kingdom "will continue to be a stable supplier of crude oil to world markets."
Dow Jones Newswires
Comments