The Hindu Business Line : IEA member-nations to release oil from emergency stocks

IN response to the severe interruption in oil supplies in the US Gulf of Mexico caused by Hurricane Katrina that has led to loss of production and damage to refining and transportation infrastructure, member-countries of the International Energy Agency (IEA) have decided to make available to the market oil equivalent of two million barrels per day (mb/d) for an initial period of 30 days.

The IEA has consulted with major producers and the OPEC (Organisation of Petroleum Exporting Countries) President who have also committed to making incremental oil available in the market.

The collective action envisages that member-countries will make oil available to the market from their emergency oil stocks to offset the loss of 1.5 mb/d of oil production and 2.0 mb/d of lost refining capacity.

IEA member countries hold over four billion barrels of public and industry stocks of which roughly 1.4 billion barrels are government controlled, IEA said in a release.

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