Oil prices too high, production sufficient: IEA

Oil prices at their current level are too high for everyone, the head of the International Energy Agency, Nobuo Tanaka, said on Monday.
At the same time, output from oil producing countries is sufficient, Tanaka added.
"The IEA's view is that the prices are too high for everbody, especially for developing countries," Tanaka told journalists on the sidelines of the International Energy Forum here.
At the same time, "the current level of production is enough and sufficient," he added.
No single factor was to blame for the surge in oil prices, Tanaka said.
"Lots of elements are behind it," he said. "Of course, fundamentals are a key element. But it's not only that. There are other elements, such as the weaker dollar, speculation, weather, etc. All these elements are behind the current price rise. There's no single element we can identify."