OGJ Newsletter

10/21/2002
Market MovementIEA: High oil prices pose 'disincentive' for storageTotal oil stocks in Organization for Economic Cooperation and Development countries fell in August, and world oil production increased in September, but the International Energy Agency warned that current high oil prices carry too many financial disincentives for holding inventories."That refiners are not eager to purchase crude in today's environment is not a sign of a stable, balanced market," it said.Inventories Click here to enlarge imageIEA said total OECD industry stocks declined in August to 2.62 billion bbl, covering demand for 55 days. Crude stocks were drawn down at a rate of 280,000 b/d during the m...
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