DUBAI, Jan. 8 (Xinhua) -- The United Arab Emirates (UAE)'s Energy Minister Suhail Al Mazrouei said on Wednesday that the OPEC will meet any shortage, if needed, should tensions between the United States and Iran disrupt the security of supply from the region.
"The market is well supplied. We're not forecasting shortage of supply unless there's a catastrophic event which we don't see," Mazrouei told reporters in Abu Dhabi, according to the National daily newspaper.
OPEC members will not take unilateral action, noting that the alliance, which also includes non-members led by Russia, will "assess the situation" when they convene in March, he added.
The minister also called for de-escalation, saying that "what we need is the security of the oil markets. We're hoping that both sides will de-escalate."
Crude oil prices soared and the U.S. stock futures plunged late Tuesday following reports that Iran fired multiple missiles at U.S. air bases in Iraq, triggering fears of a more serious escalation in the Middle East.