Indeed the twin challenges of creating political stability and security on the ground C* are formidable," the IEA
said in a special section on Libya in its monthly review of the oil market.
Given that the market absorbed the release of strategic reserves within a short period, the ability for the IEA
to influence the oil market by releasing reserves has been shown to be limited.
said unconventional gas continued to transform the market.
Some analysts said the demand picture may be even weaker than the IEA
It is worth noting that six large non-OECD countries - China, Saudi Arabia, Russia, Brazil, Iran and India - are expected to account for almost three-quarters of global oil demand growth in 2010," the IEA
But the IEA
sees a lower base for this year of 710,00 bpd based on January-September data, and less aggressive expansion at one oilfield, giving lower production estimates of 690,000 bpd next year.
3 million bpd, 200,000 bpd less than expected, the IEA
report notes the difficulty of competition in the gas sector due to companies E.
There won't be problems with IEA
members coming on board", if Iranian production was shutdown, Mandil added.
The concerted action by the IEA
, which includes major oil consumers in the world, is very meaningful and can send messages to oil producers and developing countries that are in trouble'' because of surging oil prices, Nakagawa said at a press conference.
is taking action to compensate for the significant loss of oil production due to the damage caused by Hurricane Katrina in the Gulf of Mexico.
Claude Mandil, the executive director of the IEA
, the energy adviser to the industrialised countries, on Dec.