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Wednesday, 25 November 2009 10:21 UAE time

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IEA says OPEC's decision "sensible"

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Monday, 16 March 2009

OPEC's decision to keep oil output levels unchanged at a meeting on Sunday is a "sensible" one, the head of the International Energy Agency, the adviser to 28 industrialised countries on energy policy, said on Monday.

"The decision is quite a sensible one because they have taken into account the state of the global economy," IEA head Nobuo Tanaka told Reuters in an interview.

Tanaka added there was no excuse not to invest in oil production at current oil price levels. (Reuters)

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