International energy is not worried about Saudi Arabia cutting its oil supplies
The head of the International Energy Agency (IEA), Fatih Birol, said on Monday he was not worried Saudi Arabia was cutting supplies in response to any possible sanctions over the killing of journalist Jamal Khashoggi, but urged a sound sense that political developments could affect energy markets.
When asked about oil market fears about whether Saudi Arabia, the world's biggest crude exporter, could respond to any punitive measures taken by world powers over Khashoggi's death at the Saudi consulate in Istanbul, Perol said: "There are many geopolitical issues unrelated to energy Also have an additional impact on oil markets. "
"There is a strong challenge for major producers to increase production and reassure markets. I call on all producers and consumers to have a good sense in these very difficult months that we are entering. "
He said he did not believe Saudi Arabia would cut production but had "big concerns" about markets because supply from Venezuela and Iran was falling amid strong demand growth.