KUALA LUMPUR, (Reuters) – There is no shortage of oil supply, the chief executive of the French oil major Total said on Monday.
“OPEC will do its job,” Christophe De Margerie told reporters at a conference in Kuala Lumpur.
He also added that the market needs to be assured that there will be no cut in oil supply.
Gulf Arab OPEC members led by Saudi Arabia will push for an increase in supplies at a meeting of the oil cartel this week in an effort to support flagging world economic growth by bringing crude prices back below $100 a barrel.
Saudi and its fellow Gulf producers will argue that oil prices are undermining the economic growth that fuels demand for OPEC crude and that more supply is needed to balance demand in the second half of the year.