OPEC doesn’t see need to boost oil supply before summer, top official

OPEC doesn’t see a need to boost oil supplies before the summer and will stick to its view that global oil markets are amply supplied, a top official from the group said Thursday.

“There’s no need for us to do more,” Abdulla Salem el-Badri, secretary-general of the Organization of Petroleum Exporting Countries, told Dow Jones Newswires in an interview.

His remarks are the latest sign that OPEC wants to see crude oil stocks being drawn down more as a way to shore up prices.

IHT