IEA affirms oil markets remain ‘well supplied with ample stocks’

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Paris-based International Energy Agency (IEA) affirmed on Wednesday that global oil markets “remain well supplied with ample stocks available.”

The agency is in regular contact with Saudi Arabian authorities and other major producing and consuming countries following Saturday’s attacks on the Kingdom, it added in a statement seen by Al Arabiya English.

“We welcome the statement made by Saudi Energy Minister Prince Abdulaziz bin Salman on bringing Saudi Arabia’s suspended production back online,” the IEA said.

The agency, however, said it is committed to ensuring that markets remain well supplied, and is ready to take rapid action if necessary if there are sustained shortfalls.

However, the IEA does not currently see a need to release emergency oil stocks following the weekend attacks on Saudi Aramco's key oil facilities, the agency’s executive director Fatih Birol was quoted as saying by Reuters.

“IEA member countries hold about 1.55 billion barrels of emergency stocks in government-controlled agencies, which amount to 15 days of total world oil demand. These can be drawn upon in an emergency collective action and would be more than enough to offset any significant disruption in supplies for an extended period of time,” the IEA said in the statement.

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