Australia and Greece in May fell short of the International Energy Agency's requirement for members to have oil stocks equivalent to at least 90 days of net imports, the latest data on the IEA's website shows.
Australia and Greece in May fell short of the International Energy
Agency's requirement for members to have oil stocks equivalent to at least 90
days of net imports, the latest data on the IEA's website shows.
The minimum requirement is a key rule designed to ensure IEA member nations,
all but three of which are net importers of oil, have enough stocks to offset
major disturbances in supply.
The closing oil stock levels for May show
Australia
with
86 days' worth of stocks, and
Greece
at 88
days.
The data also show that
Australia
repeatedly has fallen short of late, with a closing stock level of 87 days for
March, 88 days in January and 84 days in December.
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