Oil producing nations should respond to market imbalance, says Hendry

Speaking at the International Energy Forum in Saudi Arabia on Tuesday 22 February, energy minister Charles Hendry said the current high price of oil demonstrated the need for international collaboration to improve oil price stability. He said the discussions demonstrated the "firm commitment" of the Organisation of Petroleum Exporting Counties, the International Energy Agency, oil producers and consumers to act together to improve the functioning of energy markets.
But Hendry added that it was important for oil producing nations to "respond to market imbalance" and increase supply to meet demand.
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