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International Energy Agency releases emergency oil on market for only third time in 36 years.

Date: Thu, 23 Jun 2011 00:00:00 | Author: Paul Sanderson

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Around 60 million barrels of oil are to be placed into the oil market from emergency stockpiles, the International Energy Agency (IEA) has announced.

It is only the third time since 1974, that the use of emergency oil stocks has been co-ordinated by IEA.

The UK will be contributing 3 million barrels to the total in the aim of reducing volatility in the oil market.

Energy and Climate Change Secretary Chris Huhne said: “This co-ordinated global action shows that both producer and consumer nations around the world are taking decisive steps to ensure enough oil is available. That’s why we strongly welcome Saudi Energy Minister al-Naimi’s statement earlier this month that Saudi Arabia and other Gulf countries will increase oil production to supply whatever the market needs.

In a statement, the Department for Energy and Climate Change said that it expects disruption to supply of oil from Libya to last for some time.

The UK’s contribution will be to reduce the obligations on the oil industry to make 3 million barrels of oil available to the market over the next month.

Category: Energy
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