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IEA in talks with oil producers, consumers amid rising prices: Sadamori

Tokyo — The International Energy Agency is in discussion with oil producers andconsumers amid rising oil prices, and it is ready to ready to act if"necessary to ensure that markets remain well supplied," Keisuke Sadamori, theIEA's director for energy markets and security, told S&P Global Platts Friday.

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Asked whether the IEA would call on oil producers to act, with the IEA'sreiterated readiness for its action, Sadamori said: "IEA is discussing andwill discuss oil market conditions and outlooks with relevant stakeholders,both oil consumers and producers."

Sadamori's comments came after Saudi Arabian energy minister Khalid al-Falihsaid Thursday that he had held talks with the IEA's Executive Director FatihBirol and repeated the kingdom's commitment to the stability of global oilmarkets amid soaring oil prices.

Crude oil futures ticked higher during mid-afternoon trade in Asia Friday,continuing to find support from supply concerns after having gained nearly 3%over the week, while market participants now look ahead for fresh cues toprovide price direction.

-- Takeo Kumagai, takeo.kumagai@spglobal.com

-- Edited by James Leech, newsdesk@spglobal.com