The ministers were speaking after Tuesday's decision by the Organization of the Petroleum Exporting Countries to leave output unchanged and hold an emergency session on July 3 to address the stoppage by Iraq of its 2.1 million barrels daily of U.N.-administered sales. The world body is considering revised sanctions against Iraq. Naimi, who has pledged not to allow a shortage to develop in world oil markets, said the Iraqi outage was not a concern to him. On Tuesday he said Riyadh had 2.5 million barrels a day of spare capacity that could be brought completely onstream within 90 days. Naimi said oil markets were well supplied for the time being.
Stocks are comfortable.
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