International Energy Agency out with a few comments 1 Sept
- IEA stands ready to act as required in the wake of Hurricane Harvey
- so far all market mechanisms and govt assistance have been adequate to deal with Harvey
IEA reacting, or not, to the awful events still unfolding in the US. Our thoughts and best wishes to all those affected.
Full statement:
The International Energy Agency is continuously monitoring the situation in Texas and Louisiana to assess its impact on oil and gas markets and is in very close contact with US authorities.
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 US Secretary of Energy has taken action to ease localised crude-oil shortages in Texas, by providing crude-oil loans from the US Strategic Petroleum Reserve.
The IEA does not currently see the need for a coordinated international release of oil stocks. To date, market mechanisms and government assistance have been adequate.
The IEA stands ready to act as required.
Keep tuned to the IEA for more.
WTI and Brent currently steady at $47.10 and $52.53
