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UPDATE 1-IEA says oil markets well supplied, no need for action
August 29, 2013 / 7:23 PM / in 4 years

UPDATE 1-IEA says oil markets well supplied, no need for action

(Adds further comment from IEA, oil prices)

Aug 29 (Reuters) - 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 “adequately supplied.”

“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 region. (Reporting by Peg Mackey and Matthew Robinson; Editing by Chizu Nomiyama and Chris Reese)

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