OPEC Production Hike ‘A Good Thing’, More Reserves Could Be Tapped – IEA

An increase in OPEC’s production at its meeting on 19-20 Sept would be ‘a good thing’, said the International Energy Agency’s executive director Claude Mandil in an interview with the magazine, Arab Oil and Gas. He added that IEA members might extend arrangements for releasing oil from strategic reserves.

Mandil said, however, that it is a well known fact that the extra oil, if it is offered to the market, would be of a heavy grade quality that is not in demand, unless offered at a discount.
Forbes