* Saudi adviser says the kingdom ready to add supplies
* OPEC secretary general says no need for emergency meeting
* Iraq production mostly intact so far
(Adds detail, combines Dubai and Brussels stories)
BRUSSELS, June 24 OPEC is ready to pump extra
oil in the event of any supply disruptions caused by Iraq and
its biggest producer, Saudi Arabia, can ramp up to capacity if
needed, oil officials said on Tuesday.
For now the market is well-supplied and prices above $114 a
barrel are the result of market nervousness, OPEC Secretary
General Abdullah al-Badri said.
An official from Saudi Arabia, the only OPEC member with
significant spare capacity, said it was committed to supplying
the market if needed.
Saudi Arabia, which produces around 9.7 million bpd, has the
ability to pump to its full capacity of 12.5 million bpd, the
official told Reuters.
"Saudi Arabia has the capability to produce up to 12.5
million bpd when the customers ask for it. The oil resources,
production facilities and the management all support this," the
The Organization of the Petroleum Exporting Countries
earlier this month agreed to keep its output ceiling unchanged
at 30 million barrels per day (bpd).
Since then, concerns that violence in Iraq could disrupt
supplies have stoked volatility and driven international
benchmark Brent above $114 a barrel.
Disruption in Iraq would aggravate the impact of outages in
Libya, Syria and sanctions on Iran, which have already curbed
production by almost 3 million bpd, or more than 3 percent of
daily global demand.
Badri said he understood there was no production problem so
far in Iraq. Production in the south of the country was mostly
intact, he said.
"As of now what we see in the price today is not because of
any shortage of supply. The market is well-supplied," Badri told
reporters, adding that OECD commercial stocks stood at 57.5 days
of forward demand. He declined to give a figure on OPEC's spare
Badri was speaking in Brussels, where he took part in the
latest regular round of EU-OPEC dialogue, an exchange of
He also said there was no reason for now to call an
emergency OPEC meeting, although the producer group was willing
to step in if needed.
(Reporting by Barbara Lewis in Brussels and Rania El Gamal in
Dubai; additional reporting by Jan Strupczewski and Julia
Fioretti in Brussels, editing by William Hardy)