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IEA still sees no need to release oil stocks
September 1, 2017 / 11:05 AM / 25 days ago

IEA still sees no need to release oil stocks

LONDON, Sept 1 (Reuters) - The International Energy Agency (IEA) still sees no need for a coordinated international release of oil stocks after Hurricane Harvey disrupted a large chunk of U.S. refining and some production facilities, it said on Friday.

The Paris-based agency, which coordinates energy policies of industrialised nations, said it was monitoring the situation in Texas and Louisiana to assess the hurricane’s impact on oil and gas markets and was in very close contact with U.S. authorities.

“To date, market mechanisms and government assistance have been adequate. The IEA stands ready to act as required,” it said in a statement.

“There are high levels of stocks in the affected regions and in the United States as a whole. These stocks are being supplemented by imports of gasoline to the East Coast of the United States and the U.S. Secretary of Energy has taken action to ease localszed crude oil shortages in Texas by providing crude oil loans from the U.S. Strategic Petroleum Reserve.” (Reporting by Dmitry Zhdannikov; Editing by David Goodman)

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