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IEA Will Not Release Emergency Crude Stocks
Topics:Environment | Alternative Energy | Energy | Commodities | Natural Disasters
Sectors:Industrial Goods and Services | Utilities | Oil and Gas
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The International Energy Agency will not release its emergency crude stocks to calm record oil prices, the body's deputy head said on Thursday.
"We are not going to carry out (emergency) oil stock release, we don't respond to prices, and we don't see any disruption in the physical oil market," William Ramsay told Reuters.
Oil hit its lifetime record of $100 per barrel on Wednesday, fuelled by expectations of thinning U.S. stockpiles, the falling U.S. dollar and geopolitical risks.
Copyright 2009 Reuters. Click for restrictions.
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