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IEA head appeals for more OPEC output

Reuters/Stefan Wermuth

International Energy Agency (IEA) Executive Director Nobuo Tanaka attends a news conference in Bern November 26, 2007.

PARIS
Petroleumworld.com 11 29 07

The head of the International Energy Agency appealed to OPEC on Thursday to increase its oil output at a ministerial meeting next week.

"Some additional production is necessary," IEA executive director Nobuo Tanaka told a press conference here.

Tanaka, whose agency seeks to coordinate the energy policies of some of the world's leading industrialised nations, did not say how much more oil would be needed on the market to stabilise prices.

But the IEA in a report November 13 suggested that an additional 900,000 barrels a day would be needed from the Organization of Petroleum Exporting Countries in the fourth quarter.

The IEA also said that surging oil prices, which at the time of publication were close to 100 dollars a barrel, had begun to depress demand.

But prices since then have fallen sharply on speculation that OPEC at its meeting in Abu Dhabi on December 5 might agree to a production increase and in response to an easing in supply concerns in the United States.

In Asian trading on Thursday prices rebounded somewhat, with New York's main contract, light sweet crude for January delivery, rising 1.42 dollars to 92.04 dollars from 90.62 dollars in late US trades Wednesday.

Brent North Sea crude for January delivery was up 1.11 dollars to 90.92 dollars.

Story from AFP 29 1222 GMT 11 07

Copyright© 2007 Petroleumworld. All rights reserved.

 

 

 

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