IEA In Talks With Oil Producers, Consumers Amid Rising Prices: Sadamori

The International Energy Agency is in discussion with oil producers and consumers amid rising oil prices, and it is ready to ready to act if “necessary to ensure that markets remain well supplied,” Keisuke Sadamori, the IEA’s director for energy markets and security, told S&P Global Platts Friday.

Asked whether the IEA would call on oil producers to act, with the IEA’s reiterated readiness for its action, Sadamori said: “IEA is discussing and will discuss oil market conditions and outlooks with relevant stakeholders, both oil consumers and producers.”

Sadamori’s comments came after Saudi Arabian energy minister Khalid al-Falih said Thursday that he had held talks with the IEA’s Executive Director Fatih Birol and repeated the kingdom’s commitment to the stability of global oil markets amid soaring oil prices.

Crude oil futures ticked higher during mid-afternoon trade in Asia Friday, continuing to find support from supply concerns after having gained nearly 3% over the week, while market participants now look ahead for fresh cues to provide price direction.

Source: Hellenic