A statement from the IEA Executive Director
8 June 2011
"OPEC members today were unable to reach agreement on the need to make more oil available to the market. Crude oil prices have risen as a result and continue to pose a threat to the global economic recovery. Of course what matters more than output targets is actual supply, which we hope will move in line with seasonally rising demand, and we urge key producers to respond accordingly. In that context, we note the constructive statements subsequently made by Saudi Arabia's Oil Minister Naimi. The ongoing supply disruption in Libya, and a still-fragile global economy, mean that we urgently need measures that will help to calm the market. We have already made a call for a prompt increase in supply, made available to refiners at competitive prices that will allow them to boost throughputs and meet rising seasonal oil demand. We are pleased to hear in the aftermath of the OPEC meeting that a number of key producers plan to make more oil available. The alternative of course would be a further tightening in the market, and potential increases in prices which risk undermining economic recovery, something that would be in the interests of neither producers nor consumers. The IEA stands ready to work with its member governments, and indeed with major producers themselves, to help ensure that markets are well supplied."