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Opec sees enough crude oil to sustain high output
- Middle East: Wednesday, September 12 - 2012 at 15:19
Opec has said crude oil inventories in industrialised countries are ample and the risk to global oil demand growth next year remains skewed to the downside, Reuters has reported. The group said its own production rose by 254,000 barrels per day in August, despite the July 1 start of a European Union embargo on Iran's oil exports. However, it said it saw enough crude oil in the market, a day after similar remarks by its top producer Saudi Arabia which were seen by some in the market as a signal to consumers there was no need for a release of emergency reserves.
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