15 September 2011 15:14 [Source: ICIS news]
LONDON (ICIS)--International Energy Agency (IEA) member countries will not release more crude oil into the market to compensate for lost Libyan supply, the agency said on Thursday.
Representatives of the 28 member countries agreed this week that the interruption of supply from Libya during the uprising had been successfully addressed by a combination of the IEA action and increased output from producer countries, alongside expected weaker global oil demand.
The IEA said in June that its member countries would release 60m bbl of crude and oil products into the market to compensate for the lost Libyan supplies. These included some 38m bbl from national stocks and 22m bbl from obligatory industry stockholding. About 97% of the public stocks supplied were taken up in July and August, the IEA said.
The agency said on Tuesday that it had revised downwards its global oil demand forecast for 2011 by 200,000 bbl/day to 89.3m bbl/day because of reduced economic growth forecasts, particularly for North America and Europe.
Non-Organisation for Economic Co-operation and Development (OECD) demand in Asia and Latin America in the third quarter was also expected to be lower than expected.
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