The failed coup in the Soviet Union did not interrupt oil exports, but the country's uncertain political situation and the possible decentralization of its oil industry raise serious questions about future oil deliveries, the International Energy Agency said Tuesday.
The Paris-based agency said in its monthly oil market report that OPEC oil production rose to its highest level of the year in August while consumption in the industrialized world increased only 0.5 percent to 37 million barrels a day over August 1990.The agency said a 3 percent decline in oil consumption in North America, due mainly to the recession in the United States, was offset by a 3.5 percent consumption increase in Europe and a 4.5 percent rise in the Pacific region.
"The failed coup in the Soviet Union briefly raised supply concerns, especially over gas oil, but there was no reported interruption of export deliveries," the agency said.
"However, considerable uncertainty still surrounds the volume and composition of oil exports."