IEA urges caution on demand-destruction data

The sharp drop in US product deliveries in the wake of Hurricanes Katrina and Rita has sparked speculation about demand destruction, but the data “must be interpreted with caution,” said Paris-based International Energy Agency in a Nov. 10 report. The disruptions caused by the hurricanes may have created mistakes in data. “Analysts have been searching for anecdotal indications, including road-toll receipts, to confirm the reported slowdown in oil use. But, so far, there is little evidence that provides a conclusive or country-wide answer,” IEA observed.“What really matters is whether lost oil production in the Gulf of Mexico can be offset by other changes in ...

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