OPEC

Steeg Says Differentials at Root of Price Problems

The immediate cause of the current instability in the world oil market is not oversupply but imbalances in the structure of differentials for oil prices, according to the Executive Director of the International Energy Agency (IEA), Mrs. Helga Steeg. In a report on the state of the market to the IEA board last week, Mrs. Steeg pointed out that increased demand for heavy crude - resulting largely from the upgrading of refineries - had...