Current oil prices, at close to $60 a barrel, are still too high, the head of the International Energy Agency said.

Claude Mandil oil markets were well supplied and consumer nations’ stocks were at satisfactory levels.
But he added there was no room for complacency with several weeks of winter remaining and a risk of escalating international tension.
“OECD stocks are still at an acceptable level. They have certainly drawn down faster than usual but that is because the Opec cut has been enforced,” Mandil said.
“The market is well supplied but there is no room for complacency. Winter is not finished and there are geopolitical uncertainties.”
He said any suggestions of further Opec output cuts were “quite unwelcome”.
The agency said earlier that oil producers outside Opec would pump less oil than expected in 2011, leading to a tighter world market than previously anticipated.
In its Medium Term Oil Market Report, the adviser to 26 industrialised countries cut an estimate for supply of non-Opec oil and biofuels for 2011 by 1.1 million barrels per day to 62.3 million bpd.
The outlook updates an IEA forecast last issued in July and points to a greater reliance than expected on the Organization of the Petroleum Exporting Countries, source of more than a third of world supply.
“The market in 2011 will be somewhat tighter than we saw six months ago,” said Lawrence Eagles, head of the Oil Industry and Markets Division at the IEA.