IEA Concerned By Tight Oil Supply

Friday, February 25, 2000
The Governing Board of the International Energy Agency last week discussed the current restraints on world oil supply, the significant decline in oil stocks worldwide and the sharp rise in oil prices. They expressed concern that the tightening supply situation could feed inflation and slow economic growth, thereby giving rise to problems particularly for developing countries. The Board noted that industry oil stocks worldwide were lower at the end of last year than at any time in the past decade. Yet demand is constantly growing. The present gap between demand and supply means that no surplus oil is available to build stocks and that they continue to be drawn down to meet current requirements. To restore stocks by the end of 2000, even to the very low levels of 1999, an early and substantial increase in production will be needed. The Board was reassured by growing signs that producers are aware of the implications of the tightening oil market. Members recalled, and welcomed, the expressed readiness of some producers to increase production at the start of 2000, had problems arisen from the "millennium bug." They saw this and other recent statements as evidence of the producers' interest in maintaining consumer confidence in the adequacy of oil supply. The Governing Board said it does not at present contemplate any collective drawdown of the strategic stocks of oil held under the terms of the 1974 International Energy Program as a safeguard against any abrupt loss of world oil supplies. The IEA will closely monitor the developing situation, including through contact with producing countries; and will reinforce its work on energy efficiency and energy diversification.
Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Repair & Conversion

Yachting Malta PPP Sets Sail

Yatching Malta Ltd (YML) - a new public private partnership (PPP) between the government and the Royal Malta Yacht Club (RMYC) was formed with the aim of putting Malta on "the global yachting map".

Taiwan Boosts Yacht Export

Taiwan's yacht industry saw its first double-digit growth in nearly a decade, indicating an inspiring revival led by development and sales of larger leisure boats,

Ecochlor Presents BWTS Case Study at CMA

Ballast water treatment technology developer Ecochlor Inc. presented a project case study yesterday at CMA Shipping 2015 in Stamford, Conn. The case study covered

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.8476 sec (1 req/sec)