The oil market will tighten towards summer, a condition that should compel OPEC to take action when it next meets in June, the head of the International Energy Agency said Monday.
The oil market will tighten towards summer, a condition that should
compel OPEC to take action when it next meets in June, the head of the
International Energy Agency said Monday.
While the current oil market is indeed well supplied, "demand will pick
up, and market is getting tighter towards summer," IEA Executive Director
Nobuo Tanaka told Dow Jones Monday on the sidelines of an energy meeting here. "So
(we) wish OPEC will make the appropriate decision in June."
Energy ministers from the Organization of Petroleum Exporting Countries,
including Saudi Oil Minister Ali Naimi, have said in the last 24 hours that the
global oil market is well supplied in spite of the
Libya
outages due to refinery maintenance in
Europe
.
Tanaka said he largely agrees with the Naimi's assessment of current
conditions. But "If the Libyan situation does not improve very quickly,
someone in OPEC must fill the gap," Tanaka told reporters.
The IEA represents energy consuming governments and often calls on OPEC to
boost output. OPEC next meets in June.
Naimi said Sunday that
Saudi Arabia
has
cut output in March, but might increase it again in April.
A Saudi official told Dow Jones Monday that the Saudis are considering raising
output again, in part because some Saudi refiners that had been in maintenance
have come back on line. But the Saudi official said "it is too early to
tell if the Saudi output will be higher than the previous month."
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