OECD industry stocks fell by 39.5 mb in December, driven by constrained crude supplies and peak seasonal refinery runs. The 4Q07 stock draw of 1.15 mb/d was substantially higher than the 750 kb/d 10-year average and reduces OECD industry stock forward cover to 50.7 days - its lowest since December 2004. Preliminary data for the US,
Japan, the EU-15 and Norway indicate a 22.1 mb stock build in January.
The International Energy Agency (IEA) acts as energy policy advisor to 27 member countries in their effort to ensure reliable, affordable and clean energy for their citizens. Founded during the oil crisis of 1973-74, the IEA's initial role was to co-ordinate measures in times of oil supply emergencies.
International Energy Agency
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