IEA Chief Believes OPEC Cuts Would Tighten The Market

Tanaka, speaking to reporters, said he could "see the market tightening" if OPEC decides to implement additional output cuts at its March 15 meeting in Vienna.

OPEC, at its meeting in Oran, Algeria, in mid-December, agreed to cut production by 4.2 million b/d from estimated September output of 29.045 million b/d.

Further cuts "would have a negative effect on the global economy and that's another point OPEC should think about," said Tanaka.

The IEA chief also said he was concerned about OPEC members cutting future investment in supply related infrastructure.

Author: Ksenia Kochneva