IEA: Oil Inventories Plummet
Wednesday, December 08, 1999
Oil inventories fell sharply again in October and stockdraws in major Consuming regions are expected to accelerate in Coming winter months, the International Energy Agency (IEA) said last week. Commercial inventories in the industrialized nations of the OECD fell 440,000 bpd in October after an unusually large 1.56 million bpd draw in September, IEA said in its monthly Oil Market Report. "This is a thirsty oil market waiting for more oil which will have to come from OPEC." OECD industry stocks by end October stood 15 million barrels below end-October 1997 and within 100 million barrels of their lows in October 1996.