Earlier on Tuesday International Energy Agency chief Nobuo Tanaka said that the IEA and Saudi Arabia, the world's major oil exporter, had reached a "clear understanding" to work together to stabilize oil markets in the event of a physical supply disruption
Earlier on Tuesday International Energy Agency chief Nobuo Tanaka said that the IEA and Saudi Arabia, the world's major oil exporter, had reached a "clear understanding" to work together to stabilize oil markets in the event of a physical supply disruption.
Speaking after talks with Saudi oil minister Ali Naimi earlier Tuesday in Riyadh, Tanaka said: "We agreed in the case of a physical emergency that we would work closely together to stabilize the market," Tanaka said.
"There is a clear understanding on both sides that we can work together, just as Claude Mandil did with Mr Naimi," he added, referring to his predecessor as executive director of the industrialized world's energy watchdog.
Tanaka said that if OPEC maintained crude output at current levels the balance between supply and demand on world oil markets would improve further.
OPEC said earlier Tuesday its members had produced an average 32.1 million b/d of crude in the first quarter of this year.
