IEA may release more oil than stock???
The head of the international Energy Agency said on wednesday that the international Energy Agency (IEA) may release more oil than stock to reduce rising fuel prices and prepared a plan to sharply reduce oil use.
Oil prices have risen after russia invaded Ukraine, the world's second-largest crude oil exporter. european countries have imposed tough sanctions on Moscow, raising fears of further supply disruptions in an already tight market.
Fatih Birol, executive director of the Paris-based agency, told in energy conference as follows - As we did for gas- we are coming up with a 10-point action plan on how to reduce oil use...
"The summer is the most difficult month for oil markets. It is also called the so-called 'driving season. In this month the demand for oil increases," said Birol, executive director of the Paris-based agency.
The united states on tuesday imposed immediate sanctions on Russian oil and other energy imports. IEA members last week agreed to release 60 million barrels of oil reserves to compensate for supply shortfalls following Russia's invasion.
Birol described the 60 million barrels as an "early response" and said: "It's only 4 percent of our stock. We can bring more oil to the markets if our governments decide to do so if needed."
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