The International Energy Agency's release of oil stocks was a temporary measure to fill a supply gap before extra Saudi Arabian production appeared, its executive director said on Tuesday.
"We are simply saying we will just fill the gap before OPEC or Saudi is going to produce supplies for the market," Nobuo Tanaka told reporters. "We are just filling the gap -- we can't continue forever."
Last week's release of oil from strategic stocks in the West, coordinated by the International Energy Agency, has sparked a sharp response from OPEC, still smarting after its June meeting, which ended in disarray.
"We are simply saying we will just fill the gap before OPEC or Saudi is going to produce supplies for the market," Nobuo Tanaka told reporters. "We are just filling the gap -- we can't continue forever."
Last week's release of oil from strategic stocks in the West, coordinated by the International Energy Agency, has sparked a sharp response from OPEC, still smarting after its June meeting, which ended in disarray.
