Oil prices fall as reserves are released
Friday, September 2, 2005
The Gulf of Mexico caused by .announced that its member states will release 60 million barrels from their strategic reserves next month. "All 26 member countries will take collective action", said the agency in its statement. The announcement was in response to the crude price surge after disruption of oil supply in the
Earlier today OPEC is considering taking action. The United States and Japan already plan to release oil from their reserve stocks., chief of the European Union's foreign policy, said the EU can provide the US with reserves of the member states. Also
Oil prices fell slightly today, following the IEA statement, as expected. US light crude fell US$1.57 to US$67.90 a barrel.
- Bush authorizes oil release from Strategic Petroleum Reserve
- Italian petrol prices rocket to a record EUR 1.30 per litre
- "Oil prices drop on reserve offers" — , September 2, 2005
- Mark Tran. "EU offers oil supplies to US" — , September 2, 2005
- "OPEC considers further measures to help ease problems caused by Hurricane Katrina" — , September 2, 2005
- "IEA Press Release" — , September 2, 2005 (PDF file)
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