The International Energy Agency has warned about recent falls in stocks of oil in industrialised countries, saying declining inventories could push up prices in the coming months.
'Tighter OPEC supply and colder temperatures in the US in February served to perpetuate the recent downward trend in OECD stocks,' the IEA said in its monthly report.
Data for January and February show 'reason to be concerned' and recent declines in crude as well as petrol and heating oil stocks bring inventories to 'levels that were associated with higher and sharply rising prices last summer'.
The price of crude oil hit a record $78 a barrel in mid-2006, but has since fallen back to about $60.
The IEA, the energy watchdog for industrialised countries, said preliminary figures showed that OECD stocks had fallen by more than a million barrels a day over the first two months of 2007. The OECD area covers 30 countries, including North America, western Europe, Japan, Australia and South Korea.
The IEA maintained its forecasts for demand in 2006 and this year. Demand last year averaged 84.5 million barrels per day, a rise of 1% from 2005. In 2007, demand is forecast to grow to 86 million, a rise of 1.8%.
