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Investing.com -- OPEC’s Secretary General stated Friday that current oil market conditions do not require emergency measures, directly challenging recent comments from the International Energy Agency (IEA) about potential use of emergency oil stocks.
The OPEC official criticized the IEA executive director’s social media statement regarding market conditions and possible emergency stock releases, saying such comments "raise false alarms" and create "a sense of market fear."
OPEC pointed to similar assessments made in the past, particularly in 2022, which it claims led to "higher market volatility" and "premature stock releases" that were ultimately unnecessary.
The organization emphasized that commentary on market conditions should be "grounded in verified data and sound analysis," especially during sensitive geopolitical situations.
The IEA had earlier stated on social media that it was "actively monitoring the impact on oil markets from the Israel-Iran situation," noting that "markets are well supplied today" but that the agency was "ready to act if needed." The IEA also mentioned its oil security system has over 1.2 billion barrels of emergency stocks.
This exchange comes amid heightened tensions in the Middle East after Israel conducted military strikes on Iran’s nuclear facilities. Israel has warned that these strikes mark the beginning of a prolonged operation to prevent Tehran from developing nuclear weapons, while Iran has promised a harsh response.
The geopolitical situation has already impacted financial markets, with U.S. stock index futures falling Friday. Oil prices surged nearly 9%, boosting energy stocks like Chevron (NYSE:CVX) and Exxon (NYSE:XOM).
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