Newsletter
Weather
Community
English home Forum Photo Gallery Features Newsletter Archive   About US Help Site Map
China
World
Opinion
Business
Sci-Edu
Culture/Life
Sports
Photos
 Services
- Newsletter
- Online Community
- China Biz Info
- News Archive
- Feedback
- Voices of Readers
- Weather Forecast
 RSS Feeds
- China 
- Business 
- World 
- Sci-Edu 
- Culture/Life 
- Sports 
- Photos 
- Most Popular 
- FM Briefings 
 Search
 About China
- China at a glance
- China in brief 2004
- Chinese history
- Constitution
- Laws & regulations
- CPC & state organs
- Ethnic minorities
- Selected Works of Deng Xiaoping

Home >> Business
UPDATED: 10:30, September 03, 2005
IEA to call for release of strategic reserves oil
font size    

The International Energy Agency (IEA) is to call for the release of 60 million barrels of oil in strategic reserves for one month to cope with consequences caused by Hurricane Katrina in the United States, the French Industry Ministry announced Friday.

"Hurricane Katrina has caused a major reduction in the production of crude oil and has led to a substantial reduction in US refining capacities in the Gulf of Mexico region," the ministry said in a statement.

The IEA, established in 1974 after the first oil crisis, seeks to coordinate energy policies among its 26 members states in order to avoid supply shocks. The Paris-based agency sets out requirements for governments to hold 90-day oil reserves under an accord with the Organization for Economic Co-operation and Development, with access to reserves restricted to emergencies such as natural catastrophes.

"The IEA, in conjunction with US authorities, believes that the damage done by this natural catastrophe could have repercussions on the international market for several weeks," said the ministry.

"In this regard, the executive director of the IEA (Claude Mandil) has decided to call on strategic reserves of member states at the level of 60 million barrels for a month, or two million barrels a day," the ministry said.

According to US government data, Hurricane Katrina has shut down an estimated 90 percent of crude production and 79 percent of natural gas output in the Gulf of Mexico, which accounts for a quarter of the total US oil output.

Source: Xinhua


Comments on the story Comment on the story Recommend to friends Tell a friend Print friendly Version Print friendly format Save to disk Save this


   Recommendation
- Text Version
- RSS Feeds
- China Forum
- Newsletter
- People's Comment
- Most Popular
 Related News
- IEA warns of worldwide gasoline crisis

- IEA to release 2 million barrels per day from strategic fuel reserves

Online marketplace of Manufacturers & Wholesalers

Copyright by People's Daily Online, all rights reserved