OPEC Seeks to Reassure Oil Market on Spiking Mideast Tension - Bloomberg: OPEC and one of its biggest producers sought to tamp down concerns over Middle Eastern oil supply on Wednesday after Iran fired missiles at U.S. forces in Iraq.
Global crude markets are well supplied, and the Organization of Petroleum Exporting Countries and allied producers will respond if necessary to spiking tensions in the region, U.A.E. Energy Minister Suhail Al Mazrouei told reporters in Abu Dhabi. The escalating conflict between the U.S. and Iran doesn’t pose a risk to the Strait of Hormuz, a bottleneck for oil shipments from the Persian Gulf, he said.
“We are not forecasting a shortage of supply unless we have a catastrophic escalation, which we don’t see,” Al Mazrouei said in the United Arab Emirates’ capital.
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