IEA says Saudi Arabia keeping oil market stable

Published on September 9, 2009 by   ·   No Comments

The International Energy Agency has repeatedly said under investment in energy could lead to oil price spikes when fuel demand rises, which could knock back nascent economic growth.

Speaking at a conference in Vienna on Tuesday 8th September, the IEA’s Chief Economist Fatih Birol said the oil market was stable because Saudi Arabia holds ample spare capacity following the supply curbs.

“In the future, we must be careful to make investments in a timely manner,” he said.

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