Bloomberg News

OECD Oil Stockpiles Reverse 2010 Gains on Supply Cuts, IEA Says

October 12, 2011

Oct. 12 (Bloomberg) -- Fuel inventories in member countries of the Organization for Economic Cooperation and Development have reversed last year’s increases to fall below the five-year average as disruptions cut supply, the International Energy Agency said.

Stockpiles stood at 2.692 billion barrels in August, the Paris-based IEA said today in its monthly oil market report. That’s 22.5 million below the average for the past five years, compared with 119 million above the mean at the same time in 2010, according to the report.

The loss of Libyan oil production this year along with strikes at French seaports contributed to the decline, it said. Output from North Sea fields has also been curtailed in 2011 by maintenance and Russian supplies have been redirected to Asia, the IEA said.

“A lot has changed in one year,” the report said. “A never ending chain of supply and refining outages caused by various weather, labor, technical or political problems has contributed to the steady erosion of OECD inventory levels.”

--Editors: Alexander Kwiatkowski, Amit Prakash

To contact the reporter on this story: Christian Schmollinger in Singapore at christian.s@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net


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