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Posted by Don Tiberone on October 12, 2007, 12:36 am
IEA warns on falling oil inventories
By Javier Blas in London
Published: October 11 2007 15:04 | Last updated: October 11 2007 15:04
The International Energy Agency, the western countries' energy
watchdog, on Thursday warned of rapidly falling crude oil and products
inventories ahead of the peak demand winter season.
The watchdog said that supplies will get "tighter this winter" as
developed countries' inventories fell at the end of August to below
the five-years average, to 53.5 days of forward consumption.
Inventories were at 55 days on demand in the second quarter.
"Those stocks are clearly tighter than they have been for some time,
but what is driving market expectations and therefore prices is the
lack of confidence that they will be replenished," the IEA said.
The watchdog has asked the Organisation of the Petroleum Exporting
Countries, the oil cartel, to boost its supplies to build up
inventories. Crude oil and products inventories usually build in the
third quarter ahead of the winter, but so far they have fall by
360,000 barrels a day.
"In other words, high prices are a rational result of current market
conditions and expected future fundamentals," the IEA said.
Opec, which controls about 40 per cent of the world's oil output,
agreed last month to increase its production by 500,000 b/d in
November. But the IEA and other analyst said the move was "too little,
too late."
The IEA kept roughly unchanged its forecast for oil demand in spite of
record high prices and slowing economic growth in the US and other
developed countries.
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