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Page added on August 27, 2012

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IEA sees oil market as ‘sufficiently supplied’

Consumption

International Energy Agency Executive Director Maria van der Hoeven said she sees no reason for a release from the US Strategic Petroleum Reserve (SPR).

The IEA “bases our actions on data and reality,” she told reporters after an Aug. 17 speech at Rice University’s Baker Institute, adding, “The market is sufficiently supplied.”

Her comments came a day after Reuters reported that the White House was “dusting off” plans for potentially tapping the SPR. Van der Hoeven said she had not discussed a potential release with members of the Paris-based IEA.

Last year, the 28 IEA member countries agreed to release oil in response to the disruption of oil supplies from Libya. IEA member countries agreed to make 2 million b/d of oil available from their emergency stocks (OGJ Online, June 23, 2011). Upon questioning about Iran, Van der Hoeven said sanctions against Iran over its nuclear program have been expected unlike disruptions caused last year by unrest in Libya.

A European Union embargo on Iranian crude oil took full effect on July 1 in a joint effort with the US to force Iran to curb nuclear activities.

Oil Gas Journal



2 Comments on "IEA sees oil market as ‘sufficiently supplied’"

  1. Arthur on Mon, 27th Aug 2012 7:43 pm 

    Maria Verhoeven is a Dutch former Christen Democrate politician with no background in energy politics whatsoever, apart from being a secretary for economic affairs. It is unlikely that the White House would inform Verhoeven about immanent military action against Iran. Plans for ‘dusting off’ plans for tapping the SPR clearly hint at such a possibility.

  2. SOS on Tue, 28th Aug 2012 7:24 pm 

    The whitehouse needs money. Releasing this oil is foolish, counterproductive, will have no favorable impact for consumers in the market and will in fact weaken our military and put us all at risk of interrupted supplies in time of crisis.

    This president would have been better served with a realistic and profitibale energy policy that supported production and use of conventional supplies here at home. Then he would have money, energy and reliable supplies now. Instead he has failed policies, no energy, no money and no reliable supplies.

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