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Image header Agence Europe
Europe Daily Bulletin No. 9019
Contents Publication in full By article 12 / 26
GENERAL NEWS / (eu) iea/united states

IEA countries may use strategic oil reserves to help Washington

Brussels, 02/09/2005 (Agence Europe) - The International Energy Agency (IEA) was willing, on Friday, to agree to emergency measures on oil markets in order to counteract a possible petrol shortage in the United States resulting from the disaster caused by Hurricane Katrina, and to prevent repercussions on the world market. Consultation was continuing on Friday in Paris between IEA member nations - including 17 EU members - pending more exact estimates of the impact that Katrina will have on energy supplies. According to an American official cited by Reuters, the Bush Administration hopes to be able to use world petroleum reserves of two million barrels of crude and petrol daily, of which 56% would come from reserves of European governments. Germany, Belgium and Spain have announced they would be willing to dip into their strategic reserves to help the US in the context of concerted action at the IEA. The European Commission has pointed out that experts from EU Member States will discuss the possibility of using strategic stocks on 9 September.

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