Agency warns oil stocks are low
OPEC should think twice about cutting production to boost sagging oil prices because supplies remain short and the immediate outlook remains cloudy, the International Energy Agency said Thursday. Most OPEC members have been producing at maximum capacity to keep supplies plentiful during the war. However, oil ministers fear OPEC might be oversupplying the market just as demand starts falling to its seasonal low. The Paris-based IEA, which represents the world's wealthiest countries, said stocks were low in member nations, and there were doubts about the export situations in Iraq, Nigeria and Venezuela.