facebook
twitter
search
search

IEA assesses oil supply disruptions

Nov. 30, 2012 at 7:51 AM

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.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
Compact cannon for British armored vehicles
Ford recalls 432,000 North American vehicles over software bug
Aetna to acquire Humana for $37 billion in cash, stocks
New Zealand military receives medium heavy military trucks
BBC to lay off 1,000 people to make up for $234M in lost revenue