DUBAI -(Dow Jones)- The International Energy Agency warned Tuesday that global oil and fuel inventories were being sucked lower at an unusually high pace this year, leading it to fret about demand being met in the coming months and amplifying the need for more crude from the Organization of Petroleum Exporting Countries.If gasoline can hit $3.00 per gallon on $60/barrel oil, what will it be if gasoline goes to $80 or $100/barrel?
The agency's widely-anticipated monthly assessment of the global oil balance said that stockpiles of crudes and fuels held by the Organization for Economic Cooperation and Development group of industrialized nations were falling at a pace of 1.26 million barrels a day so far this year and could spell the largest stock draw in a January-to-March period in more than 10 years.
The IEA, which represents the energy security interests of the OECD, also red- flagged an unusual draw down in crude stocks.
The stock draws are happening because of unplanned refinery outages, high crude demand in Europe and high U.S. fuel consumption.
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