OPEC sees no oil shortage, would pump more if needed

LONDON (Reuters) – World oil markets have enough supply now, but OPEC is willing to pump more if needed to keep pace with demand, the group’s secretary-general said on Thursday.

Adbullah al-Badri also said in a statement that the 13-member Organization of the Petroleum Exporting Countries holds more than 3 million barrels per day of spare production capacity for use if needed.


“There is clearly no shortage of oil in the market,” the statement quoted him as saying.

“The Organization stands ready to act if the market shows a need for any further measures,” he added.

The statement comes a day after crude oil prices hit a record high of $123.93 a barrel and a renewed call from the United States, the world’s top oil consumer, for more oil from OPEC to quell the rally in prices.

Reuters