PARIS (AFP) — The International Energy Agency said on Thursday that its executive director is to attend talks between oil producing and consuming countries organised by Saudi Arabia in 10 days' time.
Saudi Arabia is organising the talks in Jeddah on June 22 in response to record oil prices, and the IEA issued a statement saying that it would attend, telling AFP later that it would be represented by executive director Nobuo Tanaka.
Tanaka said in the statement: "These high prices are not sustainable and jeopardise economic growth globally."
He added: "The impact is especially acute in developing countries."
The IEA said that the talks could "convey clear messages that oil supply is going to keep pace with demand growth in the coming years."
Tanaka said: "We would welcome an opportunity to act collectively to reassure the market about future demand and supply balances in order to change the perception of extended tightness."
The IEA was created in response to the oil shocks of the 1970s to monitor oil market conditions for industrialised countries in the Organisation for Economic Cooperation and Development.
It said in the statement on Thursday that the talks organised by Saudi Arabia could "contribute to enhanced dialogue between producers and consumers."
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