The deputy head of the International Energy Agency, or IEA, said Wednesday that the world's oil market seems well supplied even with a loss of 1.5 million barrels a day from Libya, while a recent oil price spike reflects fears over Middle East turmoil rather than a supply shortage.
The deputy head of the International Energy Agency, or IEA, said
Wednesday that the world's oil market seems well supplied even with a loss of
1.5 million barrels a day from
Libya
,
while a recent oil price spike reflects fears over
Middle
East
turmoil rather than a supply shortage.
"We kept calling and asking our countries, and companies, if they were
short, and nobody every said they were short," Richard Jones said in an
interview at the 2nd Clean Energy Ministerial in
Abu
Dhabi
.
"Every body said it's a source of concern--it reduces the available
surplus capacity because Saudi started offering to pump more oil--but by and
large, it looks like the market is well supplied," Jones said. He added
that
Saudi Arabia
' new
super light crude blend "didn't get that many takers."
"It shows the market is pretty good," Jones said. The oil price spike
rather reflected concerns that the prolonged political unrest in
Libya
could
spill-over to other countries, particularly the oil-producing states in the
region, he added.
At about 1330 GMT, light, sweet crude for May delivery was 21 cents, or 0.2%,
higher as $108.55 a barrel on the New York Mercantile Exchange. Brent crude on
the ICE futures exchange gained 57 cents, or 0.5%, to $122.79 a barrel.
The IEA represents the governments of major energy consuming economies,
including the
U.S.
and
European countries.
Jones also reiterated the IEA's view that a sustained oil price at current
levels would have a tangible impact on global economic growth.
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