IEA's Tanaka says oil supplies very tight, sees rise in oil demand UPDATE |
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Mon, 10 Sep 2007 14:49
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(Updating with further comments)BERLIN (Thomson Financial) - The executive director of the International Energy Agency, Nobuo Tanaka, said at a conference here that the oil market remains very tight, and he is expecting an increase in world oil demand until the end of this year, and into the beginning of next year.Tanaka also said that he is in contact with OPEC, whose member countries' oil ministers are gathering in Vienna for their meeting starting tomorrow.He said the IEA is watching to see the outcome of the OPEC meeting.Asked whether OPEC should increase its production, in the light of oil prices hitting historic highs of around 77 usd per barrel, Tanaka replied: 'It's their decision.'According to analysts, OPEC is expected to decide tomorrow to leave its output ceiling unchanged.Regarding non-OPEC oil-producing countries, Tanaka said there is little prospect of an increase in production from them.Tanaka also said the IEA is studying very closely the impact on the oil market of the US sub-prime mortgages crisis.The market has many factors to digest at the moment, he said -- the hurricane season, geopolitical risks, as well as the sub-prime crisis.tf.TFN-Europe_newsdesk@thomson.comafp/cmr/gpCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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IEA's Tanaka says oil supplies very tight, sees rise in oil demand until end-yr 