By Ed Crooks
Published: June 12 2007 13:27 | Last updated: June 12 2007 13:27
World oil demand is rising faster than previously expected while non-Opec supply is growing more slowly, the International Energy Agency has said in its latest monthly assessment of the market.
The rich countries’ energy watchdog warned on Tuesday of growing tightness in oil supplies in the second half of the year, and urged the Organisation of the Petrolem Exporting Countries to raise its output.
David Fyfe, an analyst at the IEA, said: “We would very much hope that Opec production is at its seasonal low at the moment… We definitely do need more crude oil.”
The IEA now expects demand for oil to rise by 1.7m barrels a day this year compared to last year – an increase of about 2 per cent – and non-Opec oil supply to rise by just 900,000 b/d. That rise in demand is 167,000 b/d more than the IEA had previously estimated, while the rise in non-Opec supply is 97,000 b/d less.
The report estimated that world oil stocks could drop by 1m-1.5m barrels a day in the third quarter, which it said “would push forward stock cover down towards the low levels seen when prices accelerated higher in 2004. That is, by itself, a concern.”
Opec officials have played down the possibility of any increase in production before the next ministerial meeting in Vienna on September 11.
However, speaking to the FT at the beginning of June, Abdalla El-Badri, Opec’s secretary-general, left open the possibility of raising production later in the year, saying the decision would depend on what happened to oil stocks.
The IEA report, though viewed by analysts as supporting the price of oil, failed to prevent it falling during the morning. At mid-day in London, Brent crude was down 41 cents at $69.15 a barrel
Copyright The Financial Times Limited 2007
This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
MORE DETAILS:
A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
