Turkey oil stock level below 90 day rule in 2009 says IEA

Turkey dipped below the IEA’s required oil stock level in October 2009, below the 90 day rule, the latest data shows, but the country expects November data to show its stock levels to be back in line with the requirement, an official from the IEA said Tuesday. According to the IEA data for October, Turkey’s stocks were enough to cover 88 days’ net imports, below the 90 days required of its members.

Turkey’s dip below the 90 day level is the first such occurrence since the IEA started reporting the data early last year, the head of the agency’s emergency policy division, Aad van Bohemen, told Dow Jones Newswires.

However, officials from the IEA and from Turkey have discussed the issue and the country has said it expects its November data to show it back in line with the 90 day rule, van Bohemen said.

“If a country dips below, we talk to the country,” he said. “If this were to occur more often then of course we would be concerned,” but a one-off dip isn’t a big problem, he added. Turkey noted oil shipment delays when asked about the October dip, van Bohemen said. Turkish officials didn’t immediately reply to a request for comment.

Tags:  2009, 90, day, IEA, oil, stock, turkey