IEA Will Attend Saudi Oil Talks
The International Energy Agency said it hopes talks in Saudi Arabia later this month between oil producing and consuming nations will “convey clear messages that oil supply is going to keep pace with demand growth in the coming years.”
“We would welcome an opportunity to act collectively to reassure the market about future demand and supply balances in order to change the perception of extended tightness,” said Nobuo Tanaka, executive director of the IEA.
Tanaka also said the IEA will attend the June 22 meeting.
“These high prices are not sustainable and jeopardize economic growth globally,” Tanaka said. “The impact is especially acute in developing countries.”
