NEW DELHI: High global oil prices are a cause of concern for the International Energy Agency, the head of the body which represents 28 importing countries said, although crude markets were better supplied than those for refined fuels.
"Crude markets are reasonably well supplied but there are clearly signs of tightening in product markets," IEA Executive Director Maria van der Hoeven said in response to questions from reporters on Tuesday over a possible release of emergency stocks.
"We are monitoring the markets as we always do. We are in touch with our members as we always do and we stand ready to respond as necessary," she said.
Brent crude futures rose for a fourth day to above $116 per barrel on Tuesday.
The United States had requested a release of emergency stocks and had backing from Britain and France, an Italian official said last week.
G7 finance ministers have also said they were ready to call on the IEA to take action.
But Germany and Italy remain opposed to any release of stocks, senior government sources have said.
indiatimes.com
"Crude markets are reasonably well supplied but there are clearly signs of tightening in product markets," IEA Executive Director Maria van der Hoeven said in response to questions from reporters on Tuesday over a possible release of emergency stocks.
"We are monitoring the markets as we always do. We are in touch with our members as we always do and we stand ready to respond as necessary," she said.
Brent crude futures rose for a fourth day to above $116 per barrel on Tuesday.
The United States had requested a release of emergency stocks and had backing from Britain and France, an Italian official said last week.
G7 finance ministers have also said they were ready to call on the IEA to take action.
But Germany and Italy remain opposed to any release of stocks, senior government sources have said.
indiatimes.com
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