September 20, 2012 / 1:00 PM / in 5 years

UPDATE 1-IEA head says oil market well supplied, Saudi helping

* IEA sees good global supply, Saudi promise helping

* Iraq untapped reserves seen as ‘game-changer’ (Adds details, quotes)

MADRID, Sept 20 (Reuters) - The global oil market is sufficiently supplied with extra oil being pumped from Saudi Arabia helping, Maria van der Hoeven, head of the International Energy Agency said on Thursday.

“We are always closely monitoring markets. We can see that the oil market is sufficiently supplied. Saudi Arabia is bringing more oil to the market. We can also see that the United States and Canada are bringing more oil to the market,” she said in the Spanish capital at an energy conference.

Saudi oil minister Ali-al Naimi said last week the world’s top oil exporter was ready to take action to calm rising prices, which he said were not supported by market fundamentals.

The IEA would continue to monitor developments in the market, van der Hoeven added.

She also said in the IEA’s next energy outlook they would publish a chapter on Iraq, reflecting the country’s capacity to help boost global production.

“Iraq has enormous untapped reserves. And the thing is what is going to happen if these reserves are tapped? Iraq is a game-changer.”

She refused to be drawn on reports of the environmental impact of Arctic sea ice melt. From the IEA’s standpoint the Arctic remained a possible opportunity for exploration. (Reporting by Nigel Davies; editing by James Jukwey)

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