IEA report shows oil demand is up, supplies are down

The International Energy Agency released its monthly Oil Market Report last week. According to the report, the agency expects global demand to increase by +1.8 percent in 2007.

The IEA report says the Organization for Economic Cooperation and Development inventories decreased 8.6 million barrels in January. The data for February suggests stock piles may have fallen 65.7 million barrels in the OECD nations. This suggests industrialized countries are heading towards their largest decline in reserves (for the first quarter) in 10 years. The data is bullish on numerous fronts.

In short, demand is up and supply is down.
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