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IEA assesses oil supply disruptions

Nov. 30, 2012 at 7:51 AM   |   Comments

PARIS, Nov. 30 (UPI) -- Energy security is a global issue that requires shared efforts to ensure an adequate supply of oil, the IEA said following an emergency response exercise.

The International Energy Agency concluded a biennial three-day emergency response drill to keep representatives up to date on measures needed in the event of a major oil supply disruption.

The event in Paris was the third such exercise that included representatives from non-member states China, India, Indonesia and South Africa.

Keisuke Sadamori, director of market security for the IEA, said broad-based cooperation in the energy markets is needed as countries outside the Organization for Economic Cooperation and Development increase their share of oil demand.

Sadamori said the global nature of the oil market means supply disruptions aren't something that only a few countries can solve.

Last year, the IEA called on member states to release emergency oil stockpiles to compensate for market disruptions tied to the civil in Libya. More than 1 million barrels of oil per day were shut out of the market because of the conflict.

The IEA said emergency stocks held by member states amount to around 4 billion barrels of oil, the equivalent of around 150 days worth of imports.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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