The International Energy Agency (IEA) has said that it believes there is no need for a coordinated international oil stock release after the market disruption by Hurricane Harvey.
The organisation, who coordinates industrialised energy policies, accepted that there had been wide scale disruption in the market, but that it was not the ‘physical shortage of oil’ required to justify releasing stocks.
A Paris based agency, the IEA made a press statement on the fallout from Hurricane Harvey which was reported today by Reuters.
Fatih Birol, Executive Director of IEA, said: “Currently as far as Harvey is concerned, we do not see that there is a major physical shortage of oil which (would) make us consider to release stocks.”
Asked whether America should rethink moving its fuel stocks, he added:”There is a need to consider how we place our stocks, where we place our stocks and the combination of crude oil versus products is an issue that we need to pay attention to.”