The International Energy Agency is confident that Saudi Arabia will continue to boost its crude production in the wake of the agency’s decision to release oil stockpiles, IEA Executive Director Nobuo Tanakasaid.
“Saudis have ample capacity,” Tanaka said today at a conference in London. “We think it may take some time so we are filling the gap in the meantime.”
The agency may extend its release of emergency inventories beyond an initial 30-day period, he said. The group announced on June 23 that its members would make available 60 million barrels of oil to offset the loss of Libyan supplies.
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