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Oil and Gas

IEA Will Not Release Emergency Crude Stocks

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Published: Thursday, 3 Jan 2008 | 7:34 AM ET
By: Reuters

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.

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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.

   
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