IEA urges producers to keep up with oil demand (by Claudia Assis)

SAN FRANCISCO (MarketWatch) -- The International Energy Agency on Wednesday urged "key producers" of oil to keep up with seasonally rising demand after members of the Organization of the Petroleum Exporting Countries "were unable to agree on the need to make more oil available to the market." In a statement after the OPEC meeting broke out without a decision to increase official production quotas, the IEA said it was "ready to work with its member governments and others to help ensure that markets are well supplied." Supply disruptions and the "fragile state" of the global economy "call for a prompt increase in supply ... Otherwise, a further tightening in the market and potential increases in prices risk undermining economic recovery, which is in the interests neither of producers or consumers," the IEA said. The IEA's 28 member countries are mostly developed nations and energy consumers. The members hold at least 90 days worth of oil supplies and cooperate in case of supply emergencies.