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No oil shortage: Opec chief
The Opec is ready to pump extra oil in the event of any supply disruptions caused by Iraq and its biggest producer, Saudi Arabia, can ramp up to capacity if needed, oil officials said on Tuesday.
For now the market is well-supplied and prices above $114 a barrel are the result of market nervousness, Opec secretary-general Abdullah El Badri said.
An official from Saudi Arabia, the only Opec member with significant spare capacity, said it was committed to supplying the market if needed. Saudi Arabia, which produces around 9.7 million bpd, has the ability to pump to its full capacity of 12.5 million bpd, the official told Reuters.
“Saudi Arabia has the capability to produce up to 12.5 million bpd when customers ask for it. The oil resources, production facilities and the management all support this,” the official said.
“As of now what we see in the price today is not because of any shortage of supply. The market is well-supplied,” El Badri told reporters, adding that OECD commercial stocks stood at 57.5 days of forward demand. He declined to give a figure on the Opec’s spare capacity.
Badri was speaking in Brussels, where he took part in the latest regular round of EU-Opec dialogue, an exchange of producer-consumer views.
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