The Organization of Petroleum Exporting Countries should produce more crude oil, even of the sour, heavy quality, because refineries would use it at a lower price, the executive director of the International Energy Agency said Tuesday.
The Organization of Petroleum Exporting Countries should produce more
crude oil, even of the sour, heavy quality, because refineries would use it at
a lower price, the executive director of the International Energy Agency said
Tuesday.
"It's a matter of price," Nobuo Tanaka told Dow Jones Newswires. "If
[the crude] is priced right, refineries will buy it and process it."
Tanaka also said that because of the current high price of crude, the IEA
suspects that refineries are using oil inventories.
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