The US State Department hailed OPEC's decision to meet again in July as a sign that the cartel is committed to keeping global crude oil markets adequately supplied, a department official said today.
OPEC's commitment to meet again in less than one month sends a clear signal to oil markets that any potential oil supply shortfall can be addressed promptly, the official said.
OPEC oil ministers yesterday agreed to keep crude production unchanged, postponing until an emergency meeting on July 3rd adopting a policy on how to compensate for Iraq's stoppage of UN-administered oil sales.
OPEC's decision denied Iraq the option of using oil markets to undermine the consensus of the United Nations' Security Council, the official said.
"We will remain in close touch with major oil producers over the next few weeks," he added.
Iraq halted its oil exports on Monday to protest the UN Security Council's extension of the oil-for-food deal by a month instead of the usual six. Baghdad's action took 2.2 million barrels of crude a day - or 5 per cent of global exports - off the market.