In its latest monthly Oil Market Report, the Paris-based agency said industry oil stocks in OECD countries fell 860,000 b/d in November to end the month at 2.527-bil bbl, or 95-mil bbl below the five year average. It blamed sharp draws in mostly US crude stocks following high refining activity for the stock fall. Crude stocks fell by 900,000 b/d in the month, ending November at 859-mil bbl, 39-mil bbl below their five year average. US crude stocks fell further in January, to 6-mil bbl below the notional 270-mil bbl minimum operating level, the IEA said. "Without wishing to sound like a broken record, OECD stocks are tight," the IEA said. "Faced with tight crude oil stocks and limited spare production capacity, the market is vulnerable to supply disruptions."

More details were published on Platts Global Alert.