BERLIN, June 30 (UPI) -- German officials said they sent out notifications to oil companies regarding how much oil they'll get from an emergency stock release by the IEA.
Eberhard Pott, board director at the state-owned National Petroleum Stockpiling Agency, told the Platts news service notifications were sent out regarding International Energy Agency emergency stockpiles.
"We sent out this morning the quotas of what (their) shares will be of the stocks," Pott said. "We offer them respective amounts at locations where they can then take the stocks."
The IEA last week said it was releasing emergency stockpiles of oil because of lingering shortages from war-torn Libya. The decision followed a refusal by the Organization of the Petroleum Exporting Countries to increase their official production quotas set in 2008.
Libya was producing around 1.6 million barrels of oil per day before the U.N. Security Council authorized international force there. Most of that was designated for European markets.
Under the IEA plans, Germany gets 4.2 million barrels from the 60 million barrel emergency stock release, Platts noted.
