largest economy, which imports 70 percent of its crude oil requirements. Oil's latest boost was triggered on Tuesday when the head of the OPEC producers' cartel said there was no spare oil immediately available to cool red-hot prices. Fears of a major glitch in the supply chain at a time when global oil demand is growing at the fastest pace in more than two decades were heightened by attacks on an oil pipeline in Iraq. Saboteurs on Tuesday blew up an oil pipeline that supplies Iraq's main refinery and feeds in to the main northern export line, itself already closed for two months. Iraqi exports of about 1.8 million barrels per day (bpd) were severely disrupted in May and June due to sabotage on key pipelines in the south of the country feeding the main oil terminal Basra. Oil traders are also nervous that strong demand is preventing global stocks from building ahead of peak winter demand. The U.S. Energy Information Administration (EIA) will release its weekly oil stocks report at 1430 GMT on Wednesday. The data is expected to show declines in national crude and gasoline inventories although distillate stocks are forecast to rise. The weekly report is closely monitored as a barometer for demand in the world's biggest oil consumer.
