IAE Statement On OPEC Not Increasing Oil Output

We have noted with disappointment that OPEC members today were unable to agree on the need to make more oil available to the market.

Of course what really matters is actual supply, which should move in line with seasonally rising demand, and we urge key producers to respond accordingly.

Ongoing supply disruptions, as well as the fragile state of global economy, call for a prompt increase in supply on a competitive basis that will allow refiners to boost throughputs and meet rising seasonal demand.

Otherwise, a further tightening in the market and potential increases in prices risk undermining economic recovery, which is in the interests neither of producers or consumers.

The IEA stands ready to work with its member governments and others to help ensure that markets are well supplied.