Japan, US, IEA agree on need for oil production to meet demand

May 23, 2004 - Xinhua English Newswire

Japan, US, IEA agree on need for oil production to meet demand

 

TOKYO, May 23 (Xinhua) -- Japanese trade minister Shoichi Nakagawa, US Secretary of Energy Spencer Abraham, and International Energy Agency (IEA) Executive Director Claude Mandil agreed Saturday that oil-producing countries should supply enough oil to meet the global market demand, Kyodo News reported Sunday.

 

During separate meetings on the sidelines of the International Energy Forum in Amsterdam, the three agreed such oil supply is necessary to stabilize rising oil prices, Kyodo said.

 

From the standpoint of consuming countries, Minister of Economy, Trade and Industry Nakagawa said "we hope to strongly call on oil- producing countries for plentiful supply to meet rising demand."

 

In an informal meeting in Amsterdam earlier Saturday, OPEC postponed a decision on lifting production quotas until a full meeting June 3 in Beirut, while voicing deep concern over price increases, according to Kyodo.

 

On Friday, leading OPEC producer Saudi Arabia called for the cartel to raise daily quotas by more than 2 million barrels in an effort to curb price rises.

 

 


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