Jun 12 2012
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UPDATE: OPEC Panel Report Sees "Need To Closely Monitor" Market
Tuesday, Jun 12, 2012
(Adds figures on spare capacity in last paragraph.)
By Summer Said
A key OPEC panel report Tuesday said that OPEC needs to closely monitor the global energy market in light of economic weakness.
"Great uncertainties underscore the need to closely monitor the market and the global economic deceleration," said the report by OPEC's Ministerial Monitoring Sub-Committee, a key advisory panel.
The MMC report did not offer a recommendation on production policy.
"Overall stocks are on the rise in OECD and other regions," said the report, which was seen by Dow Jones Newswires.
The MMC report also said that OPEC's total spare capacity stands at 3.3 million barrels a day, slightly more than the 3.1 million barrels a day estimated by the International Energy Agency, the watchdog for consuming countries.
-Write to Summer Said at email@example.com
(James Herron contributed to this report)
(END) Dow Jones Newswires
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