The International Energy Agency hasn't been contacted by the U.S. government about a potential release of emergency oil stockpiles, and market fundamentals don't warrant a release, IEA Executive Director Maria Van Der Hoeven said Friday.
The International Energy Agency hasn't been contacted by the
U.S.
government about a potential release of emergency oil stockpiles, and market
fundamentals don't warrant a release, IEA Executive Director Maria Van Der
Hoeven said Friday.
"The market is sufficiently supplied," Ms. Van Der Hoeven told
reporters after a presentation at the Baker Institute. "There is no reason
for something like that." The official said the agency hadn't been
contacted by the
U.S.
or
other IEA members about potential stockpile releases.
The statements followed well-publicized comments from a White House official
stating that the
U.S.
is
reviving talks to release some of its emergency oil and reaching out to ally
countries to discuss the possibility of a coordinated release in the face of
resurgent oil prices.
Although the talks were said to be in early stages, the rising price of both
crude oil and gasoline has become a cause of concern in the
U.S.
,
raising fears that high fuel costs could damage an already sensitive economy.
IEA members normally communicate to the agency decisions about using emergency
stocks of oil, though they are entitled to release emergency stocks
unilaterally if the need arises.
The average price of gasoline has reached $3.70, up from $3.40 a month ago,
according to the AAA Fuel Gauge. Meanwhile, benchmark
U.S.
oil
prices hit a new three-month high Friday, climbing to $95.91 a barrel.
The price of oil has risen consistently this month amid growing tensions
between
Israel
and
Iran
and
supply reductions due to maintenance in the
North Sea
. Hopes
of a fresh round of quantitative easing have also proved buoyant for oil
prices.
The
U.S.
is
the world's largest energy consumer, so sharp oil price moves are of particular
concern, especially in an election year.
However, analysts were also dubious as to whether the White House would indeed
tap into its 700-million-barrel emergency stockpile.
The last release of oil reserves in 2011 as part of a coordinated attempt to offset
drops in oil production in war-torn
Libya
proved of limited success. Although prices briefly dipped, the weakness was
extremely short-lived. Moreover, in contrast to the situation last year, the
oil market is now widely regarded as well supplied.
"There is no scarcity so it is very difficult to justify such a
move," said Eugen Weinberg, head of commodities research at Commerzbank. However,
he added that the mere discussion and rhetoric surrounding a possible release
could be enough to pressure prices.
Ms. Van Der Hoeven said that the IEA was continuously monitoring markets, and
evaluating the impact of events such as maintenance in the
North
Sea
and
Iran
sanctions. But when "there's no disruption of supply there's no reason for
IEA to be involved."
The IEA's top official said she visited the Eagle Ford shale in South Texas,
the scenario of a large boost in unconventional oil production that is
transforming the U.S. energy industry. She said the surge in unconventional
light oil was already affecting global oil markets; but that the U.S. would
likely remain an importer of crude, especially as Gulf Coast refiners have
invested billions in the capacity to process heavy crude from Canada and
overseas.
"Overall markets will remain interdependent," Ms. Van Der Hoeven
said. But she added that "we cannot ignore that a shift is
occurring," and that rising U.S. production will "have implications
for producers both OPEC and non-OPEC."
The industry and regulators, however, must address environmental and social
concerns in order for the unconventional oil and gas boom to continue in the
U.S. and take root elsewhere. "The risks are real that public sentiment
will derail these technologies," she said. Ms. Van Der Hoeven added that
there is a delicate balance between overly permissive and overly strict
regulation that must be found.
fareasto�ga@��XF�-bidi-language:
AR-SA'>East Africa
isn't expected until 2018 at the earliest, but the
scale of discoveries by companies including Anadarko Petroleum Corp. (APC)
offshore
Mozambique
,
Tanzania
and
Kenya
has
prompted talk of a new gas-export hub facing
Asia
.
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