IEA Chief Says OPEC Will Be Able to Meet 4Q Oil Demand

The head of the International Energy Agency, Claude Mandil, said Monday there would be no problem with Organization of Petroleum Exporting Countries crude supply meeting global oil demand in the peak-demand fourth quarter this year.

Speaking to reporters on the sidelines of a Russian investment conference here, Mandil said: “We expect that the call on OPEC in the fourth quarter will be less than OPEC production, or at least OPEC capacity.”

In its March report, the agency forecast the world’s need for OPEC crude in the October-December quarter at 29.5 million barrels a day. In the same report, it estimated February production by the oil producer group at a little about 29 million b/d, though leading member Saudi Arabia has since lifted its production.
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