Opec, IEA at odds over hike

RIYADH – Oil producers cartel Opec yesterday saw no need to increase output even as the International Energy Agency (IEA), the consumers watchdog, stressed the need to pump more crude.

“The market is stable. I think maybe in June we will review the market to see if we need more oil or not.But I don’t think we need it,” Organisation of Petroleum Exporting Countries secretary general Abdullah el-Badri said.”The market is stable and the supply and demand is stable,” Badri told reporters on the sidelines of a meeting for Asian energy ministers when asked if Opec needs to pump more crude to ease prices.But IEA chief Claude Mandil warned there was a supply shortage which required producers to hike output.”At present, there is a lack of crude because we see crude stocks not increasing whereas they should increase at this time of the year,” Mandil said.Mandil also called on oil producers to invest in the oil sector to increase spare production capacity which would eventually ease pressure on prices.Nampa-AFPI think maybe in June we will review the market to see if we need more oil or not.But I don’t think we need it,” Organisation of Petroleum Exporting Countries secretary general Abdullah el-Badri said.”The market is stable and the supply and demand is stable,” Badri told reporters on the sidelines of a meeting for Asian energy ministers when asked if Opec needs to pump more crude to ease prices.But IEA chief Claude Mandil warned there was a supply shortage which required producers to hike output.”At present, there is a lack of crude because we see crude stocks not increasing whereas they should increase at this time of the year,” Mandil said.Mandil also called on oil producers to invest in the oil sector to increase spare production capacity which would eventually ease pressure on prices.Nampa-AFP