The International Energy Agency announced that its member states will release 60 million oil barrels from their strategic reserves next month. "All 26 member countries will take collective action", said the agency in its statement. The announcement was in response to the crude price surge after disruption of oil supply in the Gulf of Mexico caused by Hurricane Katrina.
Earlier today Javier Solana, chief of the European Union's foreign policy, said the EU can provide the 
US with reserves of the member states. Also OPEC is considering taking action.  The United States and Japan already plan to release oil from their reserve stocks.
Oil prices fell slightly today, following the IEA statement, as expected. US light crude fell US$1.57 to US$67.90 a barrel. 
Share this: 





Public domain
Public domain
false
false

This page is archived, and is no longer publicly editable.
Got a correction? Add the template {{editprotected}} to the talk page along with your corrections, and it will be brought to the attention of the administrators.
Please note that due to our archival policy, we will not alter or update the content of articles that are archived, but will only accept requests to make grammatical and formatting corrections.
Note that some listed sources or external links may no longer be available online due to age.
Got a correction? Add the template {{editprotected}} to the talk page along with your corrections, and it will be brought to the attention of the administrators.
Please note that due to our archival policy, we will not alter or update the content of articles that are archived, but will only accept requests to make grammatical and formatting corrections.
Oil prices fall as reserves are released