IEA says not much actual oil demand recovery in OECD

IEA says not much actual oil demand recovery in OECD




SINGAPORE, Nov 17 (Reuters) - The International Energy Agency has (IEA) not seen much recovery in actual oil demand in OECD countries and the pace of global recovery may not justify OPEC raising production at its next meeting, the agency's executive director said on Tuesday.

"We are concerned that economic recovery expectations are very high. While that is true in China and India, in OECD countries like Europe and Japan, we have not seen much of an actual recovery in oil demand," Nobuo Tanaka told Reuters on the sidelines of an energy conference in the city-state.

"OECD inventories are also very high, OPEC's concerns are the global economic recovery, so if the economies recover in a robust manner, they have to produce more," he said.

"If not, just simply adding to the stock level does not make any sense." (Reporting by Jennifer Tan, writing by Ramthan Hussain, editing by Clarence Fernandez)