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Friday, September 2, 2005
The International Energy Agency announced that its member states will release 60 million oil 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 Gulf of Mexico caused by Hurricane Katrina.
Earlier today Javier Solana, chief of the European Union's foreign policy, said the EU can provide the
US with reserves of the member states. Also OPEC is considering taking action. The United States and Japan already plan to release oil from their reserve stocks.
Oil prices fell slightly today, following the IEA statement, as expected. US light crude fell US$1.57 to US$67.90 a barrel.
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Note that some listed sources or external links may no longer be available online due to age.
The text of this article has been released into the public domain. In the event that this is not legally possible, this article may be used for any purpose, without any condition, unless such conditions are required by law. This applies worldwide. Copyright terms on images, however, may vary, so please check individual image pages prior to duplication.
