Thursday May 8, 05:07 PM
OPEC says oil market well supplied; 3 mln bpd spare capacity available if needed
LONDON (Thomson Financial) - OPEC announced Thursday that it believes oil markets remain well supplied with crude, despite recent record prices, but that it is willing to pump more crude if necessary to keep pace with demand.
OPEC Secretary General Adbullah al-Badri said in a statement that the 13 member cartel had over 3 million barrels of spare capacity per day if needed.
'OPEC spare capacity continues to increase, with the figure currently standing above 3 million bpd. At the same time, crude oil movements indicate that some member countries are unable to find buyers for their additional supply,' he said in the statement.
'OPEC will continue to be proactive and monitor these developments closely. The organization stands ready to act if the market shows a need for any further measures,' he added.
The statement comes a day after crude oil prices hit an all-time high of $123.93 a barrel in New York, with Brent contracts in London hitting $122.98 today.
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