(Bloomberg) -- OPEC, the producer of about 40 percent
of the world's crude oil, rejected a European Union call to pump
more oil so consuming nations can replenish stockpiles and ease the
impact of supply disruptions from the Middle East and Africa.
``There is no shortage of oil, there is plenty of oil in the
market, the stocks are very high, they are above the five-year
average,'' Abdalla el-Badri, the secretary general of the
Organization of Petroleum Exporting Countries, said during a
meeting with EU officials at OPEC's headquarters in Vienna today.
``If we add more oil, it will not go to the refineries.''
Read more at Bloomberg Energy News
of the world's crude oil, rejected a European Union call to pump
more oil so consuming nations can replenish stockpiles and ease the
impact of supply disruptions from the Middle East and Africa.
``There is no shortage of oil, there is plenty of oil in the
market, the stocks are very high, they are above the five-year
average,'' Abdalla el-Badri, the secretary general of the
Organization of Petroleum Exporting Countries, said during a
meeting with EU officials at OPEC's headquarters in Vienna today.
``If we add more oil, it will not go to the refineries.''
Read more at Bloomberg Energy News
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