PARIS (Dow Jones)--The International Energy Agency's Executive Director Nobuo Tanaka said Thursday that it was monitoring events at shut-down Canadian pipelines that feed 1.5 million barrels a day of crude oil to the U.S., adding that it was too early to judge if the agency needed to implement its emergency measures.
Speaking at the launch of a review of its emergency procedures, that coincided with oil prices spiking 4% on a fire at a pipeline operated by Enbridge Inc. (ENB) in Canada, Tanaka said the agency could use its emergency inventories if the situation warranted.
"We have enough stocks...to cope with any disruption of oil" he told reporters.
Tanaka said he believed around 1.1 million barrels a day was affected, which he said wasn't that substantial depending on how events on the ground developed.