(Adds further comment from IEA, oil prices)
Aug 29 The International Energy Agency said on
Thursday oil markets were currently well supplied and did not
warrant any action by the West's energy watchdog despite a
recent spike in prices.
Supply outages from Libya and concerns the escalating
situation in Syria could spill into other Middle East countries
has pushed up prices for international benchmark Brent by nearly
$8 this month to over $115 a barrel.
The IEA comprises OECD countries that hold strategic
inventories which can be released in the event of a supply
disruption in oil markets. A spokesman for the IEA said that
while the agency was concerned about the impact of high oil
prices on the global economic recovery, currently the market was
"While the IEA, as always, stands ready to respond in the
event of a major supply disruption, the current situation does
not call for an IEA response," the spokesman for the IEA's
Secretariat in Paris said in a statement by email.
In 2011, the IEA coordinated an effort by member states to
release emergency stocks in response to disruptions caused by
the unrest in Libya.
Analysts have warned prices could spike sharply if violence
in Syria spills over into larger oil producing countries in the
(Reporting by Peg Mackey and Matthew Robinson; Editing by Chizu
Nomiyama and Chris Reese)