Record U.S. fuel stocks to cushion post-Harvey shortages: IEA

30 Aug 2017   Oil Supply, USA

 Record oil and refined products stocks will cushion potential shortages caused by Hurricane Harvey, the International Energy Agency (IEA) said on Tuesday, adding that it could release emergency oil stocks in the event of extended outages. Some crude production and about 2 million barrels per day (bpd) of refining capacity has been shuttered as Harvey has battered Texas, causing at least eight deaths and catastrophic flooding. Though the IEA said on Monday that it still saw no need for a release of emergency stocks, the head of the global energy watchdog’s Oil Markets Division says the organisation is monitoring the situation closely. “If there is a continued shortfall of fuels we will act,” the IEA’s Neil Atkinson told Reuters on Tuesday. The IEA and the U.S. Department of Energy continue to assess the damage but it is too early to say what action, if any, would […]

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