Business | Oil & Gas

IEA sees crude supplies remaining tight till 2013

The situation in the oil market is likely to ease in 2009-10 as more production comes onstream, then tighten again through 2013 as output falls and demand rises, said the head of the International Energy Agency

  • Reuters
  • Published: 23:14 July 5, 2008
  • Gulf News

Frankfurt: The situation in the oil market is likely to ease in 2009-10 as more production comes onstream, then tighten again through 2013 as output falls and demand rises, said the head of the International Energy Agency (IEA).

"The market situation will certainly remain tight until 2013," Nobuo Tanaka told German business daily Handelsblatt in an interview released ahead of publication on Monday.

In a summary of the interview distributed on Saturday, Tanaka urged oil producers to increase investment and consumers to save energy.

Developing countries must end the practice of keeping petrol prices artificially low and industrial countries must not reduce taxes on petrol at the pump, which would send the wrong signal to consumers, the paper quoted Tanaka as saying.

Earlier last week, Tanaka told Reuters in an interview that the world oil market was very tight, leaving it vulnerable to several factors that could boost crude prices further.

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