Reuters reported that crude oil inventories in industrialized countries are ample and the risk to global oil demand growth next year remains skewed to the downside.
The Organization of the Petroleum Exporting Countries said that its own production rose by 254,000 barrels per day in August despite the July 1 start of a European Union embargo on Iran's oil exports.
OPEC's report comes as the US and other consumer nations are worried about high oil prices. Leaders of the Group of Eight major economies have signalled their readiness to tap into emergency oil stockpiles if needed.
But OPEC said it saw enough crude oil in the market a day after similar remarks by its top producer Saudi Arabia which were seen by some in the market as a signal to consumers there was no need for a release of emergency reserves.
OECD crude oil stocks remain at comfortable levels, especially in the US market. As a result any product shortage could be readily met by higher utilization of idle refinery capacity in a market with abundant crude supplies.
