VOL. XLVI

No 37

15-September-2003

SUPPLY/DEMAND

IEA Sees Low Spare Capacity Exacerbating Inventory Tightness

OECD industry oil stocks are at the bottom of their five-year range as winter approaches, but the International Energy Agency (IEA) says that the industry may need to rethink what it considers to be minimum operating levels. In the latest monthly Oil Market Report, published on 10 September, the IEA observes: Industry operated with record low crude oil inventory levels last winter in...