Wednesday, June 13, 2007

OPEC president says oil market well supplied

(Reuters) - Crude supply to global markets is sufficient and oil price rises have been due to political tensions and refining industry bottlenecks, OPEC President Mohammed al-Hamli said on Wednesday.

"Supplies to the oil market are sufficient," Hamli told reporters in Abu Dhabi, a day after the International Energy Agency (IEA) said the world needed more oil from OPEC to meet stronger than expected demand.


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