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IEA says oil supply loosening; OPEC unhappy with high price

Financial Post | Business

The oil market showed “slight loosening” last quarter though it’s too early to be sure that supply conditions have improved, according to the International Energy Agency while OPEC is “not happy” with high prices.

The IEA, an adviser to 28 industrialized nations that has at times coordinated the release of emergency stockpiles, is ready to act again if a major disruption occurs, IEA Executive Director Maria van der Hoeven, said at a conference in Paris.

“You can only use a bullet once,” she said at the International Oil Summit in Paris today, referring to the use of emergency stockpiles. “We are particularly concerned about the high level of supply outages.”

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