The International Energy Agency, which controls emergency oil stocks held in developed economies, is on "high alert" for potential supply disruption due to political turmoil in the Middle East and North Africa, said the group's head of oil markets Monday.
The International Energy Agency, which controls emergency oil stocks
held in developed economies, is on "high alert" for potential supply
disruption due to political turmoil in the Middle East and North Africa, said
the group's head of oil markets Monday.
Around 50,000 barrels a day of oil output from
Libya
has
been shut down due to the unrest there, said David Fyfe, head of the IEA's Oil
Industry and Markets Division at the Energy Institute conference in
London
.
The IEA controls around 1.6 billion barrels of publicly held oil stocks, but would
only use them in the case of a serious supply disruption, not to manage high
oil prices, he said.
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