oiltanks

Oil inventories dropped to lowest level since 2008: IEA

: Sunday, February 16 - 2014 @ 02:58

The International Energy Agency (IEA) has said that stronger-than-expected demand has drained oil inventories to the lowest level since 2008, tightening the market and defying predictions of a glut, Reuters has reported. Oil inventories in the developed world fell by 1.5 million barrels per day (bpd) in the last three months of 2013, the steepest quarterly decline since 1999, the IEA said. “Far from drowning in oil, markets have had to dig deeply into inventories to meet unexpectedly strong demand,” the IEA said in its monthly oil market report. “Demand has been stronger than expected, and we’re operating with low stock levels right now, which has been supportive for prices,” Antoine Halff, head of the IEA’s oil industry and markets division, told the news service.

Today's Top Stories

Posted by

Sunday, February 16- 2014 @ 2:58 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

AME Info Services







Business DirectoryVIEW ALL

Search by name

Search by industry

Browse alphabetically






JobsVIEW ALL

Search for jobs

Latest Jobs