Sanctions to have limited effect on oil prices due to surplus capacity, IEA chief says

SINGAPORE, Oct 28 (Reuters) - Sanctions on oil exporting countries could push up crude prices but the effect will be limited because of surplus capacity, International Energy Agency Executive Director Fatih Birol said on Tuesday.

"The sanctions that the countries are putting or considering to put on some countries would could push the prices upwards. But I think when I look at the markets now, this effect is still limited, and we still have an oil price around $60, we have a huge amount of surplus capacity, a lot of oil," Birol said.