Dean may shed light on OPEC/IEA debate

OPEC countries adamant their policies are not to blame for oil’s five-year rally may feel vindicated by the energy market’s response to Hurricane Dean.

OPEC has said a shortage of refining capacity to make motor fuels, particularly in top consumer the United States, has been the main driver. Crude oil supplies, it says, are ample.

Consumer nations, represented by the International Energy Agency, want OPEC to pump more oil. Otherwise, they reason, oil stocks in consumer nations are headed for steep falls.

Reuters