Global oil markets were well supplied, the Organization of the Petroleum Exporting Countries (OPEC) said Thursday in view of the continuing record-breaking price rallies, according to DPA. "There is clearly no shortage of oil in the market," the oil cartel's secretary general Abdalla Salem el-Badri said in a press statement released from OPEC's headquarters in the Austria capital Vienna. Oil reserves were plentiful, as recent updates on US crude inventories and OECD commercial oil stocks indicated, he said. OPEC's 13 member states were currently producing 32 million barrels per day. El Badri put production reserves at 3 million barrels per day. He indicated that some members where already struggling to find buyers for their surplus production. OPEC would continue to monitor developments. "The organization will continue to strive for a stable and balanced market, with prices tha~reflect fundamentals and are favourable to both producers and consumers," he added.
