European refiners' short-term crude needs covered: IEA

European refiners threatened by a Libyan crude supply shortfall have covered their operational needs well into March, the International Energy Agency said on Friday, reiterating there was no need for an immediate strategic stock release. Violent revolt in Libya has shut down as much as three-quarters of its output, according to some estimates, a heavy blow to European refiners who face a costly struggle to place the easy-to-refine crude because of a shortage of matching grades.
"In discussions with refiners, their view is that in the short-term they don't have a huge problem, most of them have covered their commitment for the next month or so," David Fyfe, head of the IEA's oil industry and markets division, told Reuters in an interview on Friday. "They have plentiful levels of stocks ... well into March," he said.