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.

Διαβάστε ακόμα