Stronger-than-expected demand has drained oil inventories to the lowest level since 2008, tightening the market and defying predictions of a glut, the West's energy watchdog said on Thursday.
The International Energy Agency (I
Opec's president signalled on Monday it could act to reduce a glut of oil that has knocked the price down towards double digits, but said it was unlikely to set individual country production quotas at a meeting this week.
A huge surplus of oil has knocked oil down towards double digits, Opec's president said on Monday, and a level of $100 to $120 a barrel is more reasonable.
Abdul Kareem Luaibi, who serves as oil Minister of Iraq, also said Baghdad woul
Oil rose to hold above $69 on Wednesday after a report showing a drop in US gasoline stockpiles signalled a glut centred on the world's top consumer will ease as motor fuel demand reaches its summer peak.
Prices slumped more than 2 per
Tarpaulin-covered mounds of wheat facing damage from fast-approaching monsoon rains are putting pressure on India to step up grain exports, strengthening prospects of a bigger global wheat glut this year.
India will probably ship additiona
Many of the world's biggest gas exporters gathered in Algeria on Monday in search of a plan to boost gas prices without causing further pain for any members of the Gas Exporting Countries Forum (GECF).
Energy ministers from Europe'