Cairo: Opec sees no shortage of crude in global markets despite consumer calls to increase supply before the summer to help boost inventories and bring down high prices.
"We think there is no shortage of crude in the market at the moment," Opec president and UAE Minister of Energy Mohammad Bin Dha'en Al Hamili said yesterday.
"The market is in balance... and fundamentals are in good shape now. We will increase supply if there is a need to or if the market needs it."
The International Energy Agency (IEA) said Opec needed to boost output before the summer to prevent a sharp decline in consumer nation inventories.
The IEA has urged Opec to open the taps for the past three months. The energy department of the United States echoed the call on Monday.
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