IEA ‘Ready To Act’ To Keep Oil Markets Well Supplied


IEA ‘Ready To Act’ To Keep Oil Markets Well Supplied

The International Energy Agency (IEA) is ready to act if “necessary to ensure that markets remain well supplied,” the IEA’s Director for Energy Markets and Security, Keisuke Sadamori, told S&P Global Platts on Friday.

The agency is talking to both oil producers and oil consumers as crude prices recently reached their highest level since November 2014 on the back of heightened geopolitical concerns.

“IEA is discussing and will discuss oil market conditions and outlooks with relevant stakeholders, both oil consumers and producers,” Sadamori told S&P Global Platts when asked if the IEA could call upon oil-producing nations to act.

The comments from the IEA’s official come a day after Khalid al-Falih, the Energy Minister of OPEC’s largest producer Saudi Arabia, said Thursday on Twitter that he had spoken on the phone with a number of fellow ministers, including those of the UAE, USA, Russia, India, and Korea, “to coordinate global action to ease oil market anxiety.” Read More

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