Energy Watchdog Sees No Oil Shortage: The...
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From Times Staff and Wire Reports
Energy Watchdog Sees No Oil Shortage: The International Energy Agency said it sees no oil shortage developing in the next two months due to the U.N. embargo of Iraq and Iraqi-occupied Kuwait. The IEA said it saw no need for its 21 member governments, including the United States, to take extra measures to ensure balance in the oil market. The agency said the loss of some 4 million barrels a day of Iraqi and Kuwaiti crude would be made up by drawdowns in stockpiled oil, higher production and slightly lower demand caused by higher prices.
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