Middle East Economic Survey

VOL. XLVII

No 37

13-September-2004

SUPPLY/DEMAND

IEA Sees Ample Supply Easing Pressure On Crude Prices

Despite rapidly rising oil demand, the International Energy Agency (IEA) sees market fundamentals easing. In the latest monthly Oil Market Report, published on 9 September, the IEA says that, while not underestimating the realities of limited spare production and refining capacity, todays market is well supplied with crude. In fact, OECD crude stocks are in the middle...