IEA in talks with oil producers, consumers, pledges to ensure market remains well supplied

The International Energy Agency (IEA) says it is in discussions with oil producers and consumers amid rising oil prices, and that it is ready to act if “necessary to ensure that markets remain well supplied.”

Keisuke Sadamori, the IEA’s director for energy markets and security, disclosed this when he spoke to S&P Global Platts Friday.

“IEA is discussing and will discuss oil market conditions and outlooks with relevant stakeholders, both oil consumers and producers,” Sadamori said.

His comments came after Khalid al-Falih, Saudi Arabian energy minister said Thursday that he had held talks with Fatih Birol, the IEA’s executive director just as he repeated the kingdom’s commitment to the stability of global oil markets amid soaring oil prices.

Crude oil futures inched higher during mid-afternoon trade in Asia Friday, continuing to find support from supply concerns after having gained nearly 3 percent over the week, while market participants now look ahead for fresh cues to provide price direction.

Read also: IEA cautions consumption decline as oil price advances to $80