IEA Head Doesn’t See Clear Need For Extra OPEC Oil Now

Despite U.S. crude prices topping $52.00 a barrel Wednesday, the head of the International Energy Agency said he doesn’t see a clear need for the Organization of Petroleum Exporting Countries to pump more oil now.

“I am not sure if OPEC should put more oil onto the market now,” Claude Mandil told Dow Jones Newswires. He was responding to a question on whether the oil producing group should consider raising its output ceiling at its March 16 meeting in Iran.

Describing the oil market as currently well supplied, Mandil however went onto say, OPEC members need to send a dovish signal to the market that they aren’t pursuing high oil prices.