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IEA sees oil easing, then tightening to 2013: report

FRANKFURT
Sat Jul 5, 2008 12:13pm EDT

FRANKFURT (Reuters) - The situation on the oil market is likely to ease in 2009/2010 as more production comes on-stream, then tighten again through 2013 as output falls and demand rises, the head of the International Energy Agency said.

"The market situation will certainly remain tight until 2013," Nobuo Tanaka told German business daily Handelsblatt in an interview released ahead of publication on Monday.

In a summary of the interview distributed on Saturday, Tanaka urged oil producers to increase investment and consumers to save energy.

Developing countries must end the practice of keeping petrol prices artificially low and industrial countries must not reduce taxes on petrol at the pump, which would send the wrong signal to consumers, the paper quoted Tanaka as saying.

Earlier this week, Tanaka told Reuters in an interview that the world oil market was very tight, leaving it vulnerable to several factors that could boost crude prices further.

(Reporting by Jonathan Gould, Editing by Peter Blackburn)


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