- BERLIN: US Treasury Secretary Timothy Geithner has stressed that major oil producers and consumers are well-placed to respond to any shortfall in oil supplies resulting from the crisis in Libya.
Geithner said “the major producers of oil and the major developed economies do have substantial reserves, resources available that they could mobilize if necessary to respond to any supply disruption.”
Geithner was speaking after talks in Berlin with German Finance Minister Wolfgang Schaeuble that also addressed the global economy and sanctions against the regime of Libyan leader Muammar Qaddafi.
Ahead of a summit this Friday on the eurozone debt crisis, Geithner says he is convinced that “the European authorities understand what it’s going to take” to make reforms work.