OPEC president says oil supply sufficient

ABU DHABI (Reuters) – International oil markets have enough oil, but a lack of capacity to refine it was contributing to high prices, OPEC’s president told reporters on Sunday.

“Current supplies to the petroleum market are sufficient,” OPEC President and United Arab Emirates Oil Minister Mohammed al-Hamli said before traveling to Vienna to attend an OPEC meeting on Tuesday.
Ahead of the meeting, several ministers from the Organization of the Petroleum Exporting Countries have said there was no need for the group to change output, despite pressure from consuming countries to open the taps to bring down prices.

Hamli said that commercial stocks in industrialized countries were higher than they had been for the past five years.

OPEC was committed to supplying enough oil for consumers, Hamli said, and had spare capacity of around 3.5 million barrels per day (bpd) if needed.

Reuters