After yesterday's FT leak, IEA responds with a rebuttal:
"The Financial Times carried a cover page article this morning and a second article on page 4 allegedly reporting on the findings of the forthcoming WEO 2008. This article was drafted without any consultation with the IEA. It appears to be based on an early version of a draft from several months ago that was subsequently revised and updated. The numbers in the article can be misleading and should not be quoted or considered to be official IEA results. We are dismayed that such a comprehensive and important IEA report was made public without our input and verification."Now this is getting really interesting.
I find it hard to believe IEA pulled the numbers out of their hats for the draft and now entered the real numbers in the final report. Sounds more like political pressure. I wonder how they even felt they had to reply.
Time will tell, but for sure near oil future is still looking muddled to politicians and "experts" who have not studied the production development data.
Oil went up a measly $4 yesterday and it is impossible to say if it was due to Fed rate cuts, FT news or something else.
However, one thing looks to be fairly certain. The coming real economy recession will be long, hard and markets are discounting that factor in oil prices.