IEA Ready to Act to Ensure Markets Are Well Supplied
The International Energy Agency (IEA) stands “ready to act” if necessary to ensure markets remain well supplied, according to a statement posted on its website on Tuesday.
In the statement, the IEA said it is monitoring developments in global oil markets and noted that markets are now “adequately supplied” and that global spare production capacity remains at “comfortable levels”.
Global spare production capacity has risen to 3.3 million barrels per day (MMbpd), with 2.2 MMbpd held by Saudi Arabia and around 1 MMbpd held by the United Arab Emirates, Iraq and Kuwait, the IEA highlighted.
The organization also noted that OECD oil inventories at the end of February were at 2.871 billion barrels and that total oil supplies from the United States are expected to grow by 1.6 MMbpd this year.
“With global economic growth increasingly fragile, consumers and producers should take steps to avoid higher oil prices that will prove painful to all alike,” the IEA said in the statement.
“The IEA will continue to monitor the oil market closely, advise member countries and remain engaged with major producers and consumers,” the IEA added.
Founded in 1974, the IEA was initially designed to help countries co-ordinate a collective response to major disruptions in the supply of oil. The organization is headed by Fatih Birol, who has served as IEA executive director since September 2015. In January 2018 Birol was re-elected for a second four-year term, which will begin in September.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- ExxonMobil Racks Up Discoveries in Guyana Block Eyed by Chevron
- Oil Market Sentiment Has Improved Significantly
- EU, US Eye Collaboration on Nuclear Materials
- USA Driving Activity to Increase to All-Time Highs
- EU Electricity Export to Ukraine Up 94 Percent in Two Years
- China Coal Output Falls for First Time since Government Ordered More
- TC Energy to Sell Prince Rupert Gas Pipeline Project to First Nation
- BP Pulse Buys One of Europe's Largest Truck Stops
- UK CCUS Plans Outdated: Think Tank
- I Squared Eyes Full Ownership of Europe Gas Storage Firm
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- Rystad Looks at the Buzz Around White Hydrogen
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension