No need to consider release of oil stocks after Harvey: IEA

5 Sep 2017   Oil Supply

The International Energy Agency (IEA) still sees no need for a coordinated international release of oil stocks after Hurricane Harvey disrupted a large chunk of U.S. refining and some production facilities, IEA boss Fatih Birol said on Monday. “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,” the chief of the Paris-based agency, which coordinates energy policies of industrialized nations, said in Vienna. “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,” he said when asked if the United States should reconsider moving its fuel stocks.

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