Energy agency reviews oil stock release
15/09/2005 - 11:12:56Officials from the International Energy Agency and its 26 member nations today began a review of the emergency oil stock release put in place in the wake of Hurricane Katrina.
The Paris-based IEA, a club of mainly industrialised oil-importing countries, announced the release of 60 million barrels of oil from strategic stocks over one month, to ease soaring prices of oil and petrol.
Prices and supply concerns have since eased slightly, and IEA Executive Director Claude Mandil has said in recent days that an extension of the stock release beyond its initial 30-day period is unlikely to be needed.
Consultations began this morning in Paris.
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