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MASSIVE PRODUCTION CAPACITY

World oil markets can deal with Iraq situation, says US

Washington, July 2, 2014

US Treasury Secretary Jack Lew said on Tuesday there was ample oil production capacity to offset any supply disruptions that may occur due to the violence in Iraq.

"I believe that world energy markets will be able to deal with the situation as it goes forward," Lew said at an event sponsored by the US-China Business Council.

"I don't think it's in the interest of any of the parties in Iraq for there to be a severe disruption in supply," stated Lew. "There is sufficient capacity in the world right now to deal with whatever we need to deal with," he added.-Reuters




Tags: US | production | oil market | Iraq violence |

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