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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: marc chatman who wrote (18699)	4/10/1998 10:52:00 AM
From: Shelia Jones	Read Replies (2) \| Respond to of 95453

RPT-OECD oil stocks in, mystery February decline If they can't figure it out.... Alright, who has been hiding it? And could you please quadruple your efforts? Friday April 10, 4:25 am Eastern Time RPT-OECD oil stocks in mystery February decline-IE LONDON, April 10 (Reuters) - Commercial oil stocks held by the world's industrialised nations appeared to register a surprising and sizeable decline in February, the International Energy Agency (IEA) said on Friday. Preliminary data showed commercial inventories of crude and petroleum products held in the Organisation for Economic Cooperation and Development (OECD) fell by a million barrels a day (bpd) in February, reversing a build of that size in January, the IEA said in its monthly oil market report. ''Preliminary data for a few key markets show little or no increase in industry stocks through most of March,'' the agency added. But it said the February drawdown appeared to contradict its data for supply and demand which by itself pointed to a 1.2 million bpd stockbuild in February. A buildup of oil stored at sea and outside the OECD by producers could explain part of the imbalance, it said. There was also the ''growing possibility'' that the IEA had overestimated world oil supply in the early part of 1998, the report said. Even given future revisions to IEA supply data ''there would remain a large inventory overhang,'' it added. The IEA's preliminary data estimated end-February OECD stocks at 2.518 billion barrels, 129 million higher than the year previous and 208 million above end-February 1996.