Singapore, 17 November 2009 

The International Energy Agency has (IEA) not seen much recovery in actual oil demand in OECD countries and the pace of global recovery may not justify OPEC raising output at its next meeting, the agency's executive director said on Tuesday. 

Nabuo Tanaka said distillates stocks in countries of the OECD were very high and this underscored the weak pace of recovery in those countries, since diesel is a key indicator of economic and industrial activity.

"We are concerned that economic recovery expectations are very high. While that is true in China and India, in OECD countries like Europe and Japan, we have not seen much of an actual recovery in oil demand," Tanaka told Reuters on the sidelines of an energy conference in Singapore.

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