IEA Concerned About High Oil Prices, Stands Ready to Act

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Workers manoeuvre a drill bit at a gas and oil drilling rig in the Patagonian province of Neuquen October 14, 2011. The Patagonia landscape, which was transformed through the discovery of big deposits of hydrocarbons in the 1970s, could experience ... another energy revolution due to forecasts indicating that they could contain the third largest reservoir of unconventional natural gas in the world. Picture taken October 14. REUTERS/Enrique Marcarian (ARGENTINA - Tags: BUSINESS ENERGY ENVIRONMENT) (Reuters)

The International Energy Agency (IEA) is concerned by high oil prices and is ready to respond if market conditions warrant action, the agency said after 28 member country energy experts met on Thursday.

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"The oil market has been tightening in recent months," the IEA said in a statement from its executive director Maria van der Hoeven.  "The International Energy Agency, like many others, is concerned by the impact of these high prices while the global economic recovery remains fragile.

"The IEA is closely monitoring market developments and will remain in close contact with member countries to exchange views about the oil-market situation. As we have mentioned many times, the IEA was created to respond to serious physical supply disruptions, and we remain ready to act if market conditions so warrant."

(Reporting by Muriel Boselli, editing Richard Mably)

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