IEA has assured OPEC no more oil stock shocks

DUBAI: The International Energy Agency (IEA) has assured oil exporters’ group OPEC that it will not repeat June’s oil stocks release by consuming countries of the OECD, OPEC’s Secretary General said on Monday.

“The IEA assured me that that is it, and that it will cooperate with OPEC,” the oil group’s Secretary General Abdullah al-Badri said, referring to the surprise release of OECD oil stocks announced in June weeks after OPEC failed to agree an increase in output to dampen rising oil prices.

The IEA’s new director has pledged to improve cooperation with OPEC, he said