The US economy was set back in the third quarter due to the impact on oil supply after the Katrina and Rita hurricanes, according to the International Energy Agency (IEA).
The release of oil and related products from stocks together with market flexibility had absorbed much of the disruption, and the US economy was showing signs of recovering, the IEA said in its monthly report published today.
However, it was predicted that official bodies might yet have to take more measures to ward off possible strains in energy markets.
Oil and petrol prices are now lower than before the two storms closed down oil facilities in the Gulf of Mexico and disrupted US oil infrastructure, and the price of heating oil has fallen almost to the level at the end of August.
But the hurricanes battered US consumer confidence.
"As a consequence, third-quarter gross domestic product growth may be revised down by as much as one per cent versus pre-hurricane projections," the report on September market conditions commented.
"Looking forward, however, an economic rebound is expected as rebuilding begins and the latest data suggest that US manufacturing activity continues to grow."
The report gave a broadly reassuring picture, given what it described as "severe damage" to upstream infrastructure and "inoperable" pipelines, processing plants, terminals and refineries.
The IEA estimated that the hurricanes might cut oil production by 77.0 to 104.0 million barrels a day from September to December, and output of liquefied natural gas by 13 million to 18 million barrels.