OPEC says oil market well supplied; 3 mln bpd spare capacity available if needed

OPEC announced Thursday that it believes oil markets remain well supplied with crude, despite recent record prices, but that it is willing to pump more crude if necessary to keep pace with demand.

OPEC Secretary General Adbullah al-Badri said in a statement that the 13 member cartel had over 3 million barrels of spare capacity per day if needed

Forbes